SC Bank corporate deposits grow by 30%, reaching EGP 77 bn by March- 2024end

The financial statements of Suez Canal Bank, ending on March 31, 2024, revealed that corporate deposit portfolio of SC Bankincreased with a growth rate of 30% during the first quarter of the current year, reaching EGP 77.04 bn by the end of March 2024 Compared to EGP 59.27 bn by the end of December 2023.

Total retail deposit portfolio surged by 15.41% during the first 3 months of this year. To record EGP 16.59 bn by the end of March 2024, compared to EGP 14.38 bn at the close of December 2023, an increase of EGP 2.22.

SC Bank's total customer deposit portfolio grew by 27.13% representing an increase of EGP 19.98 bn during the first quarter of the current year. To record EGP 93.63 bn by the end of March 2024, up from EGP 73.65 bn at the end of December 2023.

Demand deposit portfolio expanded significantly, witnessing a growth rate of 55.23% with an increase of EGP 11.30 bn during Q1- 2024 reaching EGP 31.77 bn by the end of March 2024, up from EGP 20.47 bn at the end of December 2023.

The size of the “time and notice deposits” portfolio increased by 19.64%, reaching EGP 48.38 bn by the end of March 2024, compared to EGP 40.44 bn bn by the end of December 2023.

Furthermore, the portfolio of savings and Deposit Certificates increased by 7.59% during the first 3 months of the current year rising from EGP 8.61 bn at the end of December 2023 to EGP 9.26bn at the end of March 2024.