SC Bank’s growth accelerates to 55.6% during Q1-2024

Suez Canal Bank achieved an acceleration in growth during Q1-2024 compared to the fourth quarter of the last year, recording a composite growth rate of 55.56% during Q1-2024, compared to a composite growth rate of 54.54% during Q4-2023.

This came according to the composite growth index that First Bank developed to measure the financial performance of banks with one number, which shows the compound growth of the bank in 4 indicators, namely net profit, assets, total customer loans, and deposits.

The bank managed to achieve positive results in all sub-indicators comprising the composite First Bank index during the first quarter of the current year, especially in net profits, registering a growth rate of 143.65% in its net profits during Q1-2024.

The bank's total assets contributed to this growth, with a growth rate of 32.13% during the First quarter of this year, while total loan and deposit portfolios increased by growth rates of 19.32% and 27.13%, respectively, during the period from January to March 2024.

As for Q4-2023, net profits were also the most impactful factor in the growth of the composite First Bank index, as the bank achieved a growth rate of 206.72% in its net profits during the period from October to December 2023.

The bank's total assets, and total customer loans increased by 11.63%,1.76% respectively, during the fourth quarter of the last year, while deposit portfolio declined by 1.96% during the same period.

It is worth noting that all values used in calculating the growth rates mentioned in the analysis are based on the financial statements announced at the end of the periods, available on the bank's official website.