SC Bank tops listed banks in focusing on corporate loans by the end of March, 2024
First Bank
Suez Canal Bank continued its growing interest in the corporate sector, which was clearly reflected in leading First Bank list of top listed banks in focusing on corporate loans, where the bank's loans recorded the highest relative weight of 90.76% of its total customer loans by the end of March 2024.
SC Bank maintained its position, where it also ranked first on the First Bank list of top listed banks in focusing on corporate loans by the end of 2023.
The Bank's corporate loans portfolio, including corporate and business banking, rose by 20.33% in the first quarter of this year to reach EGP 40.19 bn by the end of March 2024, compared to EGP 33.4 bn by the end of 2023, with an increase of EGP 6.8 bn.
Total customer loans rose to EGP 44.3 bn by the end of March 2024, compared to EGP 37.1 bn by the end of 2023, with a growth of 19.32% and an increase of EGP 7.2 bn.
Although the Suez Canal Bank pays great attention to corporates, it does not neglect the retail banking sector, where it continues to make remarkable progress, as evidenced by the continued growth of its portfolio of retail loans.
Bank loans to the retail banking sector rose by 10.3% in the first quarter of this year, reaching EGP 4.1 bn by the end of March 2024, compared to EGP 3.7 bn by the end of 2023, with an increase of EGP 380.8 mn.
Overall, Suez Canal Bank was able to record strong growth in its financial indicators during the year, with the bank's net profit jumping by 143.7%, to 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 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 EGP 102.9 bn by the end of 2023, with an increase of EGP 33.1 bn.
Customer deposits 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 close to EGP 20 bn.
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