SC Bank tops listed Banks in focusing on investing in syndicated loans by the end of June 2024
First Bank
Suez Canal Bank leads First Bank list of listed banks in focusing on syndicated loans by the end of June, receiving 34.11% of its total customer loans by the end of the first half of 2024.
Suez Canal Bank's syndicated loans portfolio was 14.3 bn by the end of June 2024, compared to EGP11 bn by the end of 2023, with growth of 31.2% and an increase of 2.4 bn.
The Bank's total customer loans rose by 13.36% during the first half of this year, registering 42.1 bn by the end of June 2024, compared to EGP37.1 bn by the end of 2023, and an increase close to EGP5 bn.
Overall, Suez Canal Bank achieved a strong performance during this year, with net profits jumping 187.85% to EGP1.8 bn during the first half of 2024, compared to EGP628 mn during the same period in 2023, representing an increase of 1.2 bn. As a result, Suez Canal Bank topped its First Bank list as the fastest growing net profit in the first half of 2024.
Net interest income rose by about 71%, reaching 2.5 bn in the first half of 2024, compared to EGP1.5 bn in the same period from 2023, up over 1 bn.
In terms of profits per share, the bank jumped at a growth rate of 186.49%, reaching 3.18 per share in the first half of 2024, compared to EGP1.11 per share in the same period from 2023
The Bank's customer deposit portfolio rose from Pound 73.6 bn by the end of 2023, to EGPPound99.1 bn by the end of June 2024, with a growth of 34.54% and an increase of Pound 25.4 bn
The Bank's assets portfolio jumped to EGP139.1 bn by the end of June 2024, compared to EGP102.9 bn by the end of 2023, with a growth of 35.12% and an increase of 36.2 bn.
The Bank's retail loan portfolio jumped to EGP4.5 bn by the end of June 2024, compared to EGP3.7 bn by the end of 2023, with growth of 20.3% on a semi-annual basis.
The Bank's corporate loans portfolio rose by 12.6% during the first half of this year, to EGP37.6 bn by the end of June 2024, compared to EGP33.4 bn by the end of 2023, with an increase of 4.2 bn.
