SC Bank Tops banks in asset coverage ratio for deposits by end of March, 2024

Suez Canal Bank leads First Bank list of top banks in asset coverage ratio for deposits by the end of March, achieving a coverage rate of 145.27%, after being second on the same list for 2023.

Asset coverage ratio for deposits at the Suez Canal Bank is extremely high, reflecting the high capacity of the Bank to meet its obligations to depositors. Deposits represent about 68.84% of the Bank's total assets by the end of the first quarter of this year.

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 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 of EGP 20 bn.

Overall, Suez Canal Bank achieved strong growth in its financial indicators during the year, jumping its net profit by 143.7%, registering 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 total customers loans rose at a growth rate of 19% and an increase of EGP 7.2 bn during the first quarter of this year, to register about EGP 44.3 bn by the end of March 2024, compared to EGP 37.1 bn by the end of December 2023.

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