SC Bank Tops listed Banks in Asset Coverage Ratio for Deposits by the end of March, 2024
First Bank
Suez Canal Bank topped First Bank list of best listed Banks in Asset Coverage Ratio for Deposits by the end of last March, with a coverage ratio of 145.27%, maintaining the top, as it topped the same list in 2023.
The asset coverage ratio for deposits at the Suez Canal Bank is extremely high, reflecting the high capacity of the Bank to meet its obligations to depositors. Deposits represent about 68.84% of the Bank's total assets by the end of the first quarter of this year.
The Bank's asset portfolio rose by 32.13% in the first quarter of this year, to surpass EGP 136 bn by the end of March 2024, up from 102.9 billion pounds by the end of 2023, with an increase of EGP 33.1 bn.
The customer deposit portfolio rose from EGP 73.6 bn by the end of 2023, to EGP 93.6 bn by the end of March 2024, with a growth of 27.13% and an increase near to EGP 20 bn.
Suez Canal Bank was able to record strong growth in its financial indicators during the first quarter of this year, with the bank's net profit jumping by 143.7%, registering EGP 611.2 mn in the first quarter of 2024, compared to EGP 250.9 mn during the same period of 2023, with an increase of EGP 360.4 mn.
Net fees and commissions income rose to EGP 1.1 bn in the first quarter 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.
The Bank's total customer loans rose by 19% and an increase of EGP 7.2 bn during the first quarter of this year, registering some 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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