SC Bank tops the fastest-growing listed Banks in Egypt
Mai El-Kafoury
Suez Canal Bank achieved a strong performance during this year, pushing it to top First Bank composite Growth Index of the fastest-growing listed banks during the first half of 2024, with a composite growth rate of 67.72%, up from fifth place on the same list in 2023.
This strong performance is driven by the significant growth achieved by the Bank in net profits, jumping 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 the fastest-growing listed Banks in net profits in the first half of 2024.
The assets also played an important role in the Bank's leading the First Bank composite growth index of the fastest growing listed banks during the first half of this year, 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.
The Bank's deposits constituted the third contributor to this growth, growing 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 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.
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