SC Bank Tops best listed banks in Asset Coverage Ratio for Deposits by 2023-End

Suez Canal Bank tops First Bank list of the best listed banks in Asset Coverage Ratio for Deposits by the end of December, with a Coverage Ratio of 139.77%, climbing from the last position on the same list but in 2022.

The asset coverage ratio for deposits at Suez Canal Bank is extremely high, reflecting the high capacity of the Bank to meet its obligations to depositors, where deposits represent about 71.54% of the Bank's total assets by the end of 2023.

The Bank's asset portfolio rose by 37.86% to EGP 102.9 bn by the end of December 2023, compared to EGP 74.7 bn by the end of 2022, with an increase of EGP 28.3 bn.

Customer deposit portfolio jumped by 11.92% over the past year, registering EGP 73.6 bn by the end of December 2023, compared to EGP 65.8 bn by the end of 2022.

Overall, Suez Canal Bank achieved a strong performance over the past year, with net profits exceeding EGP 2 bn for the first time in its history after reaching EGP 2.29 bn in 2023, compared to EGP 1.04 bn in 2022, with an estimated growth rate of 120 .5%, and an increase of EGP 1.25 bn, recording the highest growth rate, and the largest annual increase in 5 years.

Net interest income jumped to EGP 3.24 bn in 2023, compared to EGP 1.89 bn in 2022, with a growth of 71.56% and an increase of EGP 1.35 bn.

Net fees and commissions income rose by 123.01% over the past year, reaching EGP 660.68 million in 2023, compared to EGP 296.25 million in 2022, with an increase of EGP 364.43 million.

The main share in the Bank's profits rose from early January to the end of December 2023 to EGP 4.36 per share over the past year, compared to EGP 1.98 per share in 2022, with growth of 120.20% and an increase of EGP 2.38 per share.

The bank's net customer loans jumped from EGP 29.6 bn by the end of 2022, to EGP 33.8 bn by the end of 2023, with a growth of 14.03% and an increase of EGP 4.2 bn.

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