Scbank’s Refaie leads it forward, wins International Finance Award as Best CEO for 2022

Suez Canal Bank’s (Scbank) Chairman of the Board of Directors and CEO Hussein Refaie ended up winning the “The Best CEO Award for 2022” by International Finance, adding another trophy to the bank’s cabinet. The award is given to the best CEO of banks at the medium-sized level.

 This award is a testament to the innovative developments the bank has witnessed over the last decade. Hussein Refaie presence as the head of the top management of the bank has been instrumental in its exceptional success.

He has received the award for Suez Canal Bank’s impressive financial performance and successful business model.

This award comes as a result of the apparent developments witnessed by SCBank during the past five years. Refaie has been able to rebuild the bank and broaden all its banking activities since assuming his position in 2017. In addition, SCBank has been awarded 19 classified awards in past five years, in recognition of the efforts and achievements of the bank on many fronts.

SCBank’s performance during 2022

The Scbank has performed exceptionally through the past. During 2020, The bank was able to increase its capital to reached EGP 5.9 billion by the end of September 2022, compared to EGP 1.7 Billion in FY 2016; an increase of EGP 4.2 billion with a growth rate of 247%. The bank’s issued and paid-in capital increased from EGP 2 billion to EGP 3.6 billion.

Furthermore, the customer deposits increased from EGP 24.1 billion in FY 2016 to EGP 57.8 billion in September with a growth rate of 140%. The bank’s total assets rose from EGP 31 billion in FY 2016 to EGP 67 billion with a growth rate of 116%.

During Refaei tenure over the past five years;  the bank’s net profit has seen a leap of 188.40% recording EGP 604.675 million in 2021 in comparison to EGP 209.669 million in 2016; an increase of EGP 395.006 million.

As for its net profit during 2022; the bank was able to witness a strong performance which leads it to occupy the third position on First Bank list of fastest growing listed banks in terms of net profit at 9M-22. Thus, its net profit jumped by 94.91% to record EGP 735 million during the first 9 months of 2022 compared to EGP 377 million in the same comparable period of 2021 generating an increase of EGP 357.773 million

Scbank boosts its business activities over the past six years

With the assistance of professional and committed personnel, Hussein Refaie not only restructured the organization’s operations, but also launched additional departments inside the bank, including the Retail Banking Department, the Syndicated Loans Group, and the SMEs Group.

Since Refaei assumed his position as CEO in 2017, the bank has arranged large number of syndicated loans as part of consortium of other bank for various strategic sectors related to national development plans.

Suez Canal Bank develops its technological infrastructure

The bank's technological infrastructure has been developed in order to equip the bank with the needed infrastructure to launch digital banking services to achieve financial inclusion. The bank's network has been developed, the old network devices have been replaced, the emergency center has been developed, the bank's main system has been developed, the control and protection devices have been developed, the main servers have been replaced and renewed.