Suez Canal Bank growth accelerates by 63.9% during Q3-22

Suez Canal Bank’s growth accelerates during the third quarter of 2022 recording a compound growth rate of 63.95%, compared to a compound growth rate of 11.55% during Q2-2022.

Suez Canal Bank recorded a composite growth rate of in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio during Q3-2022..

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure during Q3-2022.

Suez Canal Bank was able to achieve positive results in all four sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio) which formulated First Bank composite growth index, led by net profit that has seen a record growth rate of  243% during Q3-2022.

It also achieved a growth in total loans and facilities to customers at a rate of 6.50% during Q3-2022 and an increase in both assets and deposits portfolios by 3.77% and 2.56% respectively.

The bank’s net profits  has also seen an increase in First Bank composite growth index during Q2-22 it achieved a growth of 37.12%.

Moreover, the total customer loans have increased slightly by 0.79% during Q2-22. The assets as well as deposits portfolios increased by 3.60% and 4.70%, respectively.

It should be noted that all the figures used in calculating the growth rates included in the analysis are according to separate financial statements which are published on the official website of the bank.