SC Bank Jumps by 56% on FirstBank composite growth index during Q1-2024

The financial statements of Suez Canal Bank, which ended on March 31 2024, revealed that the bank achieved a composite growth rate of 56% during the first 3 months of the current year.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during Q1- 2024.

SC Bank managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 144%, reaching EGP 611.2mn during the first quarter of 2024, compared to EGP 250.9 mn during the same period of 2023, with an increase of EGP 360.4mn.

The bank's asset portfolio was the second contributor to the growth, rising by 32% and an increase of approximately EGP 33.1bn during Q1-2024, reaching EGP 136bn by the end of March 2024, compared to EGP 102.9 bn by the end of December 2023.

Total customer deposits was the third contributor to this growth, increasing by 27% during the first quarter of 2024, reaching EGP 93.6 bn by the end of March 2024, compared to EGP 73.6 bn by the end of December 2023, an increase of EGP 20 bn.

In addition, customer loans surged by 19% during the first 3 months of the current year, to record EGP 44.3 bn by the end of March 2024, compared to EGP 37.1 bn by the end of December 2023, with an increase of EGP 7.2 bn.