SC Bank tops the fastest growing banks in customer deposits during Q1-2024
First Bank
Suez Canal Bank successfully attracted a large number of depositors during the current year, increasing its customer deposit portfolio by 27.13%, reaching EGP 93.6 bn by the end of March 2024, compared to EGP 73.6 bn by the end of December 2023, with an increase of nearly EGP 20 bn.
This record performance in terms of the growth of its asset portfolio led the Bank to top First Bank list of the fastest-growing banks in customer deposits during the first quarter of this year, up from 20th place on the same list in 2023.
That increase resulted in a positive move in market share, rising to 0.82% of total banking sector deposits by the end of March 2024, compared to 0.73% by the end of 2023.
Suez Canal Bank saw remarkable growth in its financial indicators during the first quarter of this year, with net profits rising by 143.7%, reaching EGP 611.2 mn in the first quarter of 2024, compared to EGP 250.9 mn in the same period of 2023, representing 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 assets portfolio jumped 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.
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.
Bank’s 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.
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.
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