SC Bank's customer deposit portfolio jumps by 156.5% since 2018
First Bank
Suez Canal Bank's independent financial statements showed a strong performance in terms of increasing its customer deposit portfolio during the period from the end of 2018 to the end of June 2024, with customer deposits rising by a remarkable 156.5%, to EGP 99.1 bn, compared to EGP 38.6 bn in 2018
This was supported by the jump in the corporate deposit portfolio, rising to EGP 81.8 bn by the end of June 2024, compared to EGP 31.1 bn by the end of 2018, with a growth of 163.46% and an increase beyond EGP 50.8 bn
The increase in retail deposits was also a factor in the growth of the total customer deposit portfolio. During the period under analysis, the growth of retail deposits increased by EGP 9.7 bn, registering EGP 17.3 bn by the end of June 2024, compared with EGP 7.6 bn, with a growth of 127.79%.
This growth is a positive indicator of the Bank's ability to attract a growing customer base and enhance their confidence, contributing to the achievement of its strategic objectives and supporting the stability of its financial position in the Egyptian market
This significant increase in the deposit portfolio also reflects Suez Canal Bank's efficiency in adopting successful financial and investment policies aimed at enhancing customer confidence and attracting capital
Financial performance in various aspects of the Bank over the past five years indicates a strong trend towards inclusive growth, with the Bank registering significant rises in several other financial indicators that emphasize its ambitious strategy and future vision to strengthen its position in the banking market
The bank's portfolio of assets jumped by around 193.39%, reaching EGP 139.1 bn by the end of June 2024, compared to EGP 47.41 bn by the end of 2018.
Total customer loans rose to EGP 42.1 bn by the first half of 2024, compared to EGP 16.8 bn by the end of 2018, with growth of 150.1% and an increase of EGP 25.25 bn.
The significant increase in the loans market is due to an increase in retail loans from EGP 519.3 mn by the end of 2018, to EGP 4.5 bn by the end of June 2024, with a growth of 760.1%, and an increase of EGP 3.9 bn
The Bank's expansion of the corporate loans market also played a prominent role in raising the total loan portfolio. The portfolio of corporate loans (including microcredit for economic activities) rose by 130.67%, to EGP 37.6 bn by the end of June 2024, compared to EGP 16.3 bn by the end of 2018.
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