SC Bank tops listed Banks in focusing on corporate loans By June 2024-End
First Bank
The Suez Canal Bank continued its growing interest in the corporate sector, which was clearly reflected in leading the First Bank list of top listed banks in focusing on corporate loans. The bank's corporate loans recorded at the highest relative weight of 89.39% of its total customer loans by the end of June 2024.
The Bank maintained its position, where it was also ranked first on the First Bank list of top listed banks in focusing on corporate loans by the end of 2023.
SC Bank's corporate loans portfolio rose by 12.6% during the first half of this year, to EGP 37.6 bn by the end of June 2024, compared to EGP 33.4 bn by the end of 2023, with an increase of EGP 4.2 bn.
The Bank's total customer loans rose by 13.36% during the first half of this year, registering 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.
Although the Suez Canal Bank pays great attention to corporates, it does not neglect the retail banking sector, where it continues to make remarkable progress, as evidenced by the continued growth of its portfolio of retail loans.
The Bank's retail loan portfolio jumped to EGP 4.5 bn by the end of June 2024, compared to EGP 3.7 bn by the end of 2023, with growth of 20.3% on a semi-annual basis.
Overall, Suez Canal Bank achieved a strong performance during this year, with net profits jumping 187.85% to EGP 1.8 bn during the first half of 2024, compared to EGP 628 million during the same period in 2023, representing an increase of EGP 1.2 bn. So Suez Canal Bank tops the First Bank list of the fastest growing listed banks in net profits in the first half of 2024.
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.
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
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
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