Egypt’s Suez Canal Bank sees unprecedented profits of EGP735mn in 9M-22, the highest in 5years

 

The veteran banker, Hussein Refaie, has assumed the position of the Chairman of the Board of Directors of Suez Canal Bank in May 2017, since then he has started a restructuring plan to change the mental image of the bank and attract a new segment of clients.

The plan has been seen a fruitful success; SCB has become the fast growing and the best financial services provider in Egypt over the last few years.

Shedding light on its seasonal performance, SCB has succeeded in recoding exceptional growth in its net profits which is considered the highest in 5 years. The bank’s net profits has jumped by 94% to record EGP 735 million during 9M 2022 compared to EGP377 million in the same comparable period of 2021 with an increase of EGP 357.773 million.

Such exceptional growth has led SCB to rank third on First Bank’s list of fastest growing listed banks in terms of net profits in 9M.

with regards to seasonal, The Bank’s net profit before taxes has broken the barrier of one billion Egyptian pounds for the first time. It recorded EGP 1.18 billion during the first 9M-22 compared to EGP 716.61 million during the same comparable period of 2021 achieving a growth rate of 64.02% and an increase of EGP 458.77 million.

Such performance is a culmination of the recent developments that the bank has witnessed under the leadership of Refaie. The bank has achieved a qualitative leap in its products and services to keep pace with the latest modern technology.

The bank has succeeded in making achievements in terms of offering and developing banking products, in addition to providing all new banking services that suit different segments of society in accordance with market requirements.

Moreover, SCB has become one of the strongest banking institutions that provide all electronic services or digital payments to its customers with the launch of e-wallet and e-banking services.

International Finance magazine awarded Hussein Refaie, Chairman and Managing Director of the Suez Canal Bank the CEO of the year Award for 2022. He received the award for Suez Canal Bank’s impressive financial performance and successful business model.

In recognition of the efforts and achievements of the bank on many fronts, SCBank has been awarded 19 classified awards in past five years.

The award goes to leaders that have provided the highest standards of development, growth, and excellence throughout their organisations.

This honour is a reflection for the persistence of success for SCBank after being ranked among Forbes’ list of the 50 most powerful Egyptian organisations that are listed in the Egyptian Exchange (EGX) for 2022.

Moreover, the award comes as a result of the apparent developments witnessed in the bank during the past five years.

The bank has also made it to Forbes list of top 50 Egyptian listed companies listed for the year 2019. SCB has also won the award for the best bank in terms of the quality of online banking services from the World Union of Arab Bankers

Suez Canal won the award for the best bank in terms of quality of online banking services for the year 2021 from the World Union of Arab Banks.