SC Bank tops fastest-growing listed banks in Asset Coverage ratio for deposits by the end of September 2024

Suez Canal Bank leads the "First Bank" list of the fastest-growing listed banks in the asset coverage ratio for deposits by the end of last September, with a coverage ratio of 137.43%, as it topped the same list in 2023.

The asset coverage ratio for deposits at the Suez Canal Bank is extremely high, reflecting the high capacity of the Bank to meet its obligations to depositors, where deposits represent about 72.8% of the Bank's total assets by the end of September 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.

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 listed banks in customer deposits 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, with an increase of EGP 1.764 bn, ranking second on First Bank's list of the fastest growing listed banks in 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, with 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 listed banks in total customer loans during the first 9 months of this year.

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