Suez Canal Bank tops fastest growing banks in assets during Q1-2024
First Bank
Suez Canal Bank strengthened its financial position significantly during this year, with the portfolio registering the highest quarterly growth rate in 5 years, rising by 32.1% in the first quarter of 2024, exceeding EGP 136 bn by the end of March, compared to EGP 102.9 bn by the end of 2023, with an increase of EGP 33.1 bn.
This record performance in terms of the growth of its asset portfolio prompted it to top First Bank list of the fastest growing banks in assets during the first quarter of this year, up from fifth place on the same list in 2023.
That increase resulted in a positive move in market share, rising to 0.76% of total banking assets by the end of March 2024, compared to 0.72% by the end of 2023.
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.
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 close to EGP 20 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.
To view the full list. Click More
