Suez Canal Bank tops Egypt's fastest growing banks during H1-2024

The Suez Canal Bank achieved remarkable progress during this year, topping the First Bank composite growth index for the fastest growing banks in the Egyptian banking sector during the first half of 2024, with a composite growth rate of 67.72%, up from 11th place on the same index in 2023

This significant performance is driven by the significant growth achieved by the Bank in its 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 First Bank as the fastest growing bank in net profit during the first half of 2024.

The assets also played an important role in the Bank's leading the First Bank composite growth index for the fastest growing 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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