SC Bank Tops listed banks in asset coverage ratio for deposits by end of June, 2024
First Bank
Suez Canal Bank tops First Bank list of top listed banks in asset coverage ratio for deposits by the end of June, with a coverage rate of 140.38%, maintaining its top, as it tops the same list in 2023.
The asset coverage ratio for deposits at SC Bank is extremely high, reflecting the high capacity of the Bank to meet its obligations to depositors. Deposits represent about 71.2% of the Bank's total assets by the end of the first half of this year.
The Bank's assets portfolio jumped 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.
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.
Overall, Suez Canal Bank achieved a strong performance in its financial indicators during this year, with net profits rising 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.
The Bank's pre-income taxes profit 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.
Net interest income rose by about 71%, reaching EGP 2.5 bn in the first half of 2024, compared to EGP 1.5 bn in the same period from 2023, up over EGP 1 bn.
In terms of profits per share, the bank jumped at a growth rate of 186.49%, reaching EGP 3.18 per share in the first half of 2024, compared to EGP 1.11 per share in the same period from 2023
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, with an increase close to EGP 5 bn.
