SC Bank tops fastest-growing listed banks in direct loans during 9M-2024

Suez Canal Bank achieved strong growth in its portfolio of corporate direct loans, jumping about 100% in the first 9 months of 2024

This strong performance led the bank to be topped by the First Bank list of the fastest growing banks in direct loans during the first 9 months of 2024, after finishing tenth and final for the same period in 2023.

Direct loans rose to EGP 8.674 bn by the end of September 2024, compared to EGP 4.337 bn by the end of 2023, with an increase of EGP 4.337 bn.

This contributed to the rise of the Bank's total corporate loans to EGP 50.476 bn by the end of September 2024, compared to EGP 33.4 bn by the end of 2023, with a growth of 51.13%, and an increase beyond EGP 17 bn, leading the list of the fastest growing banks listed in corporate loans in the first 9 months of 2024

Overall, Suez Canal Bank achieved a strong performance during this year, The Bank's net profit rose by 130.07%, registering EGP 3.121 bn during the first 9 months of 2024, compared to EGP 1.356 bn in 2023, an increase of EGP 1.764 bn. This ranked second on First Bank's list of the fastest growing net profits in the first 9 months of 2024.

Net interest income jumped by 67.58%, to EGP 3.892 bn in the first 9 months of 2024, compared to EGP 2.323 bn in the same period from 2023.

Net fees and commissions income rose to EGP 644.332 million during the first 9 months of 2024, compared to EGP 515.128 million during the same period from 2023, a growth of 25.08% and an increase of EGP 129.204 million

The Bank's total customer loans jumped by 49.67% during the first 9 months of this year, reaching EGP 55.547 bn by the end of September 2024, compared to EGP 37.114 bn by the end of 2023, with an increase of EGP 18.433 bn, topping the list of the fastest growing banks in total customer loans during the first 9 months of this year.

Customer deposit portfolio rose by 45.76% in the first 9 months of 2024, reaching EGP 107.348 bn by the end of September 2024, compared to EGP 73.647 bn by the end of 2023, with an increase of EGP 33.701 bn, placing second on the list of the fastest growing banks in customer deposits in the first 9 months of 2024.

Suez Canal Bank's asset portfolio rose by 43.32% during the first 9 months of this year, registering EGP 147.531 bn by the end of September 2024, compared to EGP 102.938 bn by the end of 2023, an increase of EGP 44.592 bn, clinching fourth place on the list of the fastest growing banks in assets in the first 9 months of 2024.

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