SC Bank’s growth accelerates to 54.5% during Q4-2023
First Bank
Suez Canal Bank achieved an acceleration in growth during Q4-2023 compared to the third quarter of the same year, recording a composite growth rate of 54.54% during Q4-2023, compared to a composite growth rate of 17.10% during the third quarter of same year.
This came according to the composite growth index that First Bank developed to measure the financial performance of banks with one number, which shows the compound growth of the bank in 4 indicators, namely net profit, assets, total customer loans, and deposits.
The bank managed to achieve positive results in all sub-indicators comprising the composite First Bank index during the fourth quarter of the last year, especially in net profits, registering a growth rate of 206.72% in its net profits during Q4-2023.
The bank's total asset and total loan contributed to this growth, with growth rates of 11.63%, 1.76% respectively during the fourth quarter of the last year, while deposit portfolio decreased by 1.96%, during the period from October to December 2023.
As for Q3-2023, net profits were also the most impactful factor in the growth of the composite First Bank index, as the bank achieved a growth rate of 56.11% in its net profits during the period from July to September 2023.
The bank's total assets contributed to this growth, with a growth rate of 5.82% during the third quarter of the last year, while total loan and deposit portfolios increased by growth rates of 3.48% and 2.99%, respectively, during the same period.
It is worth noting that all values used in calculating the growth rates mentioned in the analysis are based on the financial statements announced at the end of the periods, available on the bank's official website.
