SC Bank’s financial efficiency indicators evolution during Q1- 2024
First Bank
Suez Canal Bank improved its financial efficiency indicators during the first quarter of the current year, under the leadership Akef ElMaghraby, CEO and Managing Director.
The following analysis highlights bank's development in financial efficiency indicators during Q1-2024.
The financial statements of Suez Canal Bank, ending on March 31 2024, revealed that the bank achieved an increase in return on average equity (ROE) of 7% during the first quarter of 2024, compared to 4.47% during the same period of 2023.
The return on average assets (ROA) of the bank reaching 0.51% during the first 3 months of the current year, compared to 0.31% during Q1- 2023.
The main reason for the increase in ROE and ROA is the bank's net profits increase with a growth rate of 143.7%, reaching EGP 611.2mn during Q1- 2024, compared to EGP 250.9 during the same period in 2023, an increase of EGP 360.4mn.
In terms of earnings per share, the bank recorded a growth rate of 145.6% during the first 3 months of 2024, with the bank's share of net profits reaching about EGP 1.08per share during the 2024, compared to EGP 0.44 during Q1- 2023.
It is worth mentioning that the bank achieved a growth of 10.2% in its Equity portfolio during 2023, as it increased from EGP 7.8bn at the end of December 2023 to EGP 8.6bn at the end of March 2024 an increase of EGP 798mn.
The bank's asset portfolio also surged by 32.1% during the first quarter of the current year, reaching EGP 136 bn at the end of March 2024, compared to EGP 102.9 bn at the end of December 2023, an increase of EGP 33.1bn.
