SC Bank retail deposits grow by 12%, reaching EGP 14.4 bn by end of 2023

The financial statements of Suez Canal Bank, ending on December 31, 2023, revealed a total growth of retail deposits by 12.2% during 2023, to record EGP 14.38 bn by the end of December 2023, compared to EGP 12.81 bn by the end of December 2022, with an increase of EGP 1.57 bn.

Total portfolio of corporate deposits at the bank surged by 11.8% to record EGP 59.3 bn by the end of December 2023, compared to EGP 52.99 bn by the end of December 2022, an increase of EGP 6.28 bn.

The increase in the achieved growth is reflected in the portfolio of “savings certificates” which grew by 6.3%, registering an increase of EGP 508 mn during 2023, reaching EGP 8.61 bn by the end of December 2023, compared to EGP 8.099 bn by the end of December 2022.

Additionally, the size of ‘demand deposits’, increased by 7.9% during the last year, reaching EGP 20.5 bn by the end of 2023, compared to EGP 18.97 bn by the end of December 2022, with an increase of EGP 1.50 bn.

The size of the “time and notice deposits” portfolio Jumps by 17.3%, reaching EGP 40.44 bn by the end of December 2023, compared to EGP 34.468 bn by the end of December 2022.

It is worth mentioning that total portfolio of customer deposits at the bank rose by 11.9% during the last year, rising from EGP 65.80 bn by the end of December 2022 to EGP73.65 bn by the end of December 2023.