SC Bank tops the fastest growing banks in credit cards during Q1-2024

Credit card portfolio of Suez Canal Bank saw record growth during this year, jumping by 56.91% during the first quarter of this year, reaching EGP 75.2 mn by the end of March 2024, compared to 48 mn by the end of December 2023, with an increase of EGP 27.3 mn.

Thanks to this strong growth, Suez Canal Bank topped First Bank list of the fastest growing banks in credit cards during the first quarter of 2024, up from 19th place on the same list for the year 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%, to 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.

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