Suez Canal Bank tops fastest growing Banks in net Profit during H1 2024
First Bank
Suez Canal Bank succeeded in achieving outstanding financial performance during the first half of 2024, jumping to the top of the First Bank's list of fastest growing banks in net profits, after finishing sixth on the same list for the first half of 2023.
The Bank's net profit jumped by 187.85% to EGP 1.8 bn in the first half of 2024, compared to EGP 628 million in the same period from 2023, an increase of 1.2 bn pounds.
As for the Bank's pre-tax profit, it rose by 87 .50%, registering 2.3 bn in the first half of 2024, compared to EGP 1.2 bn in the same period as 2023, with an increase of more than 1 bn pounds.
The Bank's strong profit performance was underpinned by the significant growth in net interest income, rising by about 71 .73%, to EGP 2.5 bn in the first half of 2024, compared to EGP 1.5 bn in the same period from 2023, up over 1 bn pounds.
Overall, Suez Canal Bank achieved a strong performance during this year, jumping the bank's portfolio of assets to EGP 139.1 bn by the end of June 2024, compared to EGP 102.9 bn by the end of 2023, a growth of 35.12% and an increase of 36.2 bn pounds
The Bank's deposit portfolio rose from 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 Pound25.4 bn
Total customer loans rose by 13.36% during the first half of this year, reaching 42.1 bn by the end of June 2024, compared to EGP 37.1 bn by the end of 2023, and an increase in contact with 5 bn pounds
The Bank's retail loans 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 a growth of 20.3% on a half-year basis
The 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 4.2 bn pounds
