SC Bank records the fastest quarterly growth in its assets portfolio in 5 years
First Bank
Suez Canal Bank boosted its asset portfolio significantly during the Q1 of this year, as evidenced by its rise of about 32.1%, surpassing EGP 136 bn by the end of March 2024, compared to EGP 102.9 bn by the end of 2023, with an increase of EGP 33.1 bn.
In terms of growth rates in the past years, the Bank registered in Q1 of 2020, a decline of about 4.8% in its asset portfolio due to the negative consequences of the coronavirus pandemic declared a global pandemic during that period, while achieving about 3.5% growth during the same period of 2021.
As for its performance during the first 3M of 2022, SC Bank achieved a growth in its asset volume of 8.3%, while recording a rise of about 17.8% during the same period of 2023.
Overall, Suez Canal Bank achieved a strong performance during the year, with the bank's net profit jumping by 143.7%, registering EGP 611.2 mn in Q1 of 2024, compared to EGP 250.9 mn in the same period of 2023, with an increase of EGP 360.4 mn.
Net fees and commodities income rose to EGP 1.1 bn in Q1 of 2024, compared to EGP 707.2 mn during the same period of 2023, with a growth of 54.2% and an increase of EGP 383.5 mn.
Customer deposits portfolio rose by 27% and with an increase of about EGP 20 bn during Q1 of this year, registering EGP 93.6 bn by the end of March 2024, compared to EGP 73.6 bn by the end of December 2023
The Bank's total customer loans rose by 19% and an increase of EGP 7.2 bn during Q1 of this year, registering about EGP 44.3 bn by the end of March 2024, compared to 37.1 bn by the end of December 2023.
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