After registering EGP 147.5 bn, SC Bank records fastest quarterly growth in its asset portfolio in 5 years
Suez Canal Bank's asset portfolio has seen remarkable growth during this year, jumping by 43.32% in the first 9 months of 2024, marking the fastest quarterly growth over the past five years, supported by the efforts of Chief Executive Officer and Managing Director of the Bank and his team.
The portfolio of Suez Canal Bank assets jumped to 147.5 billion pounds by the end of September 2024, compared to 102.9 billion pounds by the end of 2023, with an increase of 44.592 billion pounds
During the period from September 2020 to September 2023, the asset portfolio experienced marked fluctuations reflecting the dynamics of financial performance. In the first nine months of 2023, the portfolio achieved strong growth of 24%, compared to 16% growth during the same period in 2022
During the first nine months of 2021, the portfolio recorded modest growth of 5%, reflecting the start of a remarkable recovery after the contraction in the corresponding period of 2020, with the portfolio falling 4%.
The Bank's net profit rose by 130.07%, registering 3.1 billion pounds in the first 9 months of 2024, compared to 1.4 billion pounds in the same year of 2023, with an increase of 1.8 billion pounds, placing second on the list of the fastest-growing listed banks in net profits during the first 9 months of 2024.
The Bank's total customer loans rose by 49.67% in the first 9 months of this year, reaching 55.5 billion pounds by the end of September 2024, compared to 37.1 billion pounds by the end of 2023, with an increase of 18.4 billion pounds, leading the list of the fastest-growing banks in total customer loans during the first 9 months of this year.
The customer deposit portfolio jumped by 45.76% in the first 9 months of 2024, reaching 107.3 billion pounds by the end of September 2024, compared to 73.6 billion pounds by the end of 2023, an increase of 33.7 billion pounds, placing third on the list of the fastest growing banks in customer deposits during the first 9 months of 2024, and third place on the level of banks listed on the Egyptian stock exchange.
