Suez Canal Bank's net profits jump by 148% in 2024, recording EGP 5.7 bn

Suez Canal Bank Chief Executive Officer and Managing Director Akef El Maghraby stated that the Bank's net profits had made an unprecedented EGP 5.7 bn in 2024, compared to EGP 2.3 bn by the end of 2023, with a growth rate of 148%.

The growth in the bank's net profits was supported by a 71% increase in net revenue to EGP 5.5 bn in 2024 compared to EGP 3.2 bn in 2023.

The total financial position of the bank also increased by 75% to EGP 180.2 bn by the end of 2024, compared to 103 billion pounds by the end of 2023, supported by an 84% increase in deposits to 135.5 billion pounds by the end of 2024, compared to 73.6 billion pounds by the end of 2023.

Akef El Maghraby also announced the bank's success in increasing the net portfolio of loans and customer facilities by 122% to 74.9 billion pounds by the end of 2024 compared to 33.8 billion pounds by the end of 2023.

The growth in the loan portfolio was the result of diversified financing of different sectors such as agriculture, contracting, financial services, real estate and tourism, resulting in the distribution of risks and diversity of customers of the Bank's portfolio.

Net corporate loans portfolio rose by 126% to EGP 69.7 bn by the end of 2024 compared to EGP 30.9 bn by the end of 2023.

The bank's net retail portfolio rose by 51% over the past year, reaching 5.3 billion pounds by the end of 2024, compared with 3.5 billion pounds by the end of 2023.

Suez Canal Bank was able to achieve a number of outstanding achievements during 2024. The Bank was keen to strengthen its brand and expand its business by focusing on key sectors as well as expanding the financing of major enterprises and projects. In addition to supporting the initiatives of the Central Bank of Egypt and Egypt's Vision 2030, and keen to expand towards digital transformation, With innovative solutions tailored to meet the needs of all categories of customers efficiently.