Meanwhile, the cost of deposits and similar costs amounted to about EGP 2.734bn compared to EGP 3.713bn in the comparison period. The net income from interests was about EGP 1.553bn, compared to EGP 1.245bn.
SCB’s loan and customer facilities portfolio recorded about EGP 17.768bn in 2020, compared to EGP 15.372bn in 2019. Meanwhile, customer deposits amounted to about EGP 44.343bn compared to EGP 44.181bn.
The bank’s total assets increased to EGP 54.319bn in 2020, compared to EGP 52.016bn in 2019, and total equity recorded about EGP 3.867bn compared to EGP 3.308bn.
Total bank balances amounted to about EGP 10.713bn, whilst total cash and balances with the Central Bank of Egypt (CBE) recorded about EGP 1.412bn. The bank’s investments in Treasury bills (T-bills) and government securities amounted to EGP 6.467bn in 2020, compared to EGP 8.535bn in 2019.
The SCB’s joint loans portfolio recorded about EGP 6.5bn in 2020, compared to EGP 5.7bn in 2019, with a growth rate of 14%.
This growth followed on from the SCB’s participation in many banking alliances to arrange joint loans for several sectors, including petroleum, electricity, real estate development, contracting, tourism, food industries, and rebar.
According to its financial statements, the SCB achieved a growth in corporate loans by 19% during 2020. Total direct loans to companies reached EGP 8.1bn in 2020, compared to EGP 6.8bn in 2019.
The bank participated in the CBE’s initiative to support industrial and contracting companies, with total financing for this reaching about EGP 1.4bn.
The SCB also participated in the CBE initiative to finance large companies operating in the industrial sector, in exchange for a credit risk guarantee document, as the volume of documents concluded with the company reached EGP 400m.
The bank succeeded in doubling its portfolio of small- and medium-sized enterprises (SMEs) in 2020 to reach EGP 2bn in direct and indirect financing. Of this amount, about EGP 1.3bn was in direct financing, reflecting a growth rate of 86% over 2019.
The retail banking sector witnessed a remarkable development, as services and products diversified, and the individual portfolio rose to reach EGP 1.2bn in 2020. This compared to the EGP 752m recorded in 2019, reflecting a growth rate of 71%.
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