SC Bank’s net profits jump by 144%, recording EGP 611 mn during Q1-2024
First Bank
The separate financial statements of Suez Canal Bank, ending on March 31, 2024, announced just ago on its official website, the bank's net profit increased by 143.65%, reaching EGP 611.2 mn during the first 3 months of the current year, compared to EGP 250.9 mn during the same period of 2023, with an increase of EGP 360.4 mn.
Pre-tax profit soared by 37.30%, reaching EGP 836.7 mn during the first quarter of 2024, compared to EGP 609.4 mn during the same period of 2023, with an increase of EGP 227.3 mn.
Regarding the bank's financial position, the asset portfolio rose by 32.13% in Q1 of the current year, reaching EGP 136 bn by the end of March 2024, compared to EGP 102.9 bn by December 2023 end, with an increase of EGP 33.1 bn.
In addition, SC Bank's customer deposit portfolio rose to EGP 93.6 bn by the end of March 2024, compared to EGP 73.6 bn by the end of 2023, with a growth rate of 27.13% and an increase of EGP 20 bn.
The bank's total customer loans increased by EGP 7.2 bn during Q1-2024 to record EGP 44.3 bn by the end of March 2024, compared to EGP 37.1 bn by the end of 2023.
