SC Bank tops the fastest growing listed banks in net profits
Mai El-Kafoury
Suez Canal Bank achieved strong growth in net profit during the current year, pushing it to top the list of the fastest growing listed banks in net profit during H1 of 2024, after finishing third on the same list in 2023.
The Bank's net profits jumped by 187.85% to EGP 1.8 bn in the first half of 2024, compared to EGP 628 mn in the same period from 2023, with an increase of EGP 1.2 bn.
As for the bank's pre-tax profit, it rose by 87 .50%, reaching EGP 2.3 bn in the first half of 2024, compared to EGP 1.2 bn during the same period in 2023, with an increase of more than EGP 1 bn.
The Bank's strong profit performance was supported by the significant growth in net interest income, rising by about 71 .73%, to EGP 2.5 bn in the first half of 2024, compared to EGP 1.5 bn in the same period from 2023, with an increase exceeds EGP 1 bn.
Overall, Suez Canal Bank achieved a strong performance during this year, jumping the bank's portfolio of assets to EGP 139.1 bn by the end of June 2024, compared to EGP 102.9 bn by the end of 2023, a growth of 35.12% and an increase of EGP 36.2 bn.
The Bank's deposit portfolio rose from EGP 73.6 bn by the end of 2023, to EGP 99.1 bn by the end of June 2024, with a growth of 34.54% and an increase of EGP 25.4 bn
Total customer loans rose by 13.36% during the first half of this year, reaching EGP 42.1 bn by the end of June 2024, compared to EGP 37.1 bn by the end of 2023, and an increase close to EGP 5 bn.
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