SC Bank achieves strong performance in its financial Efficiency indicators during 2023
First Bank
Suez Canal Bank improved its financial efficiency indicators during 2023, This improvement was attributed under the leadership of CEO and Managing Director Hussein Rifai.
The following analysis highlights bank's development in financial efficiency indicators during 2023.
The financial statements of SC BANK, ending on December 31 2023, revealed that the bank achieved a Boom in return on average equity (ROE) to record 34.45% during 2023, compared to 21.01% during 2022.
The return on average assets of the bank was 2.58% during the last year, compared to 1.57% during 2022.
The main reason for the increase in ROE and ROA is the bank's net profits increase with a growth rate of 120.5%, reaching EGP 2.29 bn during 2023, compared to EGP 1.04 bn during the same period in 2022, an increase of EGP 1.25 bn.
In terms of earnings per share, the bank recorded a growth rate of 120.2% during 2023, with the bank's share of net profits reaching about EGP 4.36 per share during the 2023, compared to EGP 1.98 during 2022.
It is worth mentioning that the bank achieved a growth of 42% in its Equity portfolio during 2023, as it increased from EGP 5.50 bn at the end of December 2022 to EGP 7.81 bn at the end of December 2023 an increase of EGP 2.31 bn.
The bank's asset portfolio also surged by 38% during the last year, reaching EGP 102.94 bn at the end of December 2023, compared to EGP 74.67 bn at the end of December 2022, an increase of EGP 28.27bn.
