Significant growth in SC Bank’s corporate sector during Q1-2024

The corporate sector of Suez Canal Bank experienced strong growth during Q1 of this year, reflected in the Bank's achieved strong figures, and is evident in the significant growth in its indicators.

Suez Canal Bank strengthened its corporate loans "including Corporate and Business Banking" during Q1 of this year, pushing corporate loans portfolio to grow by 20.3%, reaching EGP 40.2 bn by the end of March 2024, compared to EGP 33.4 bn by the end of 2023, with an increase of EGP 6.8 bn.

This strong performance was driven mainly by the growth of the debit current accounts balance by 15.8% in Q1 of 2024, recording EGP 21 bn by the end of March, compared to EGP 18.1 bn by the end of 2023, with an increase of EGP 2.9 bn.

Direct loans portfolio also rose to EGP 4.9 bn by the end of March 2024, compared to EGP 4.3 bn by the end of 2023, with a growth rate of 13.3% and an increase of EGP 575.3 mn.

The bank's syndicated loans portfolio increased by 30.67% in Q1 of this year, reaching EGP 14.3 bn by the end of March 2024, compared to EGP 10.9 bn by the end of 2023.

Corporate sector of Suez Canal Bank contributed about 90.75% to the bank's total loans portfolio, which jumped to EGP 44.3 bn by the end of Q1 of this year, compared to EGP 37.1 bn by the end of 2023, with a growth of 19.2% and an increase of EGP 7.1 bn.

The bank's corporate deposits rose from EGP 59.3 bn by the end of 2023, to EGP 77 bn by the end of March, with a growth of 30% and an increase of EGP 17.8 bn.

Corporate sector accounted for 82.28% of the Bank's total deposits portfolio, after SC Bank’s corporate deposits portfolio rose to EGP 93.6 bn by the end of Q1 of 2024, from EGP 73.6 bn by the end of 2023, with a growth of 27.13% and an increase of EGP 20 bn.

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