SC Bank grows by 67.72% on the First Bank composite growth index during H1- 2024

Suez Canal Bank's separate financial statements for the financial period ending June 30 revealed a composite growth rate of 67.72% during the first half of 2024.

This rate was measured using a composite index established by First Bank to assess the financial performance of banks across various branches of activity, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during the first half of this year.

Suez Canal Bank was able to achieve positive results in its four sub-indicators consisting of the "First Bank" index, primarily net profits, which accounted for the largest proportion of the growth of the Bank's activity.

Net profits rose by 187.85%, reaching 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, leading the list of "First Bank" of the fastest growing listed Bank in net profits in the first half of 2024.

The asset portfolio was the second contributor to this growth, rising to EGP 139.1 bn by the end of June 2024, compared to EGP 102.9 bn by the end of 2023, with a growth of 35.12% and an increase of EGP 36.2 bn.

Customer deposit portfolio was the third contributor to this growth, rising 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.

The bank's total customer loans jumped 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.