Refaei's investment strategy leads SCBank to be one of the fastest growing in Egypt

The Suez Canal Bank is one of the banks that were able to make accomplishments in terms of many important files, mainly the non-perfoming loans file, which has been a headache for the and affected its performance remarkably.

Thus bank’s succeed dealing with this file while reducing non-perfoming debts ratio to a record level to approach the average of the banking sector after reaching 4.39% by the end of the third quarter of 2022. It was able to achieve remarkable growth to be one of the fastest growing banks, thanks to A team of the best bankers led by Hussein Refaie, Chairman and Managing Director of the Bank.

Furthermore, upon trackingthe bank’s investment trends; it was found that the Suez Canal Bank has strengthened its tendency towards directing its investments into loans. It was reflected in the increase the bank has witnessed in the loan to total assets ratio, to record 41.82% by the end of the third quarter of 2022, compared to 40.16% by the end of 2021.

While financial investments came second in the bank's investment trends, as they acquired a relative weight of 34.63% of the bank's total assets at the end of September 2022, compared to 33.29% at the end of 2021.

Moreover, balances with other banks ranked third, after their relative weight stabilized during 2022, as they acquired a relative weight of 12.10% at the end of last September, compared to 12.07% at the end of 2021.

It is worth noting that the investment strategy of  Hussein Refaie achieved a remarkable growth rates, as the bank’s net profit jumped by 95%, to record 735 million pounds during the first 9 months of last year, compared to 377 million during the first 9 months of 2021, an increase of 357.7 million.

The bank was ranked fourth on First Bank list of the fastest growing banks in net profits during the first 9 months of 2022 in Egypt.

The bank’s assets portfolio increased by 16.42%, to reach 66.86 billion pounds at the end of the third quarter of 2022, compared to 57.43 billion pounds at the end of 2021, an increase of 9.43 billion pounds, thus occupying the ninth position on the “First Bank” list of the fastest growing banks in terms of total assets.

In addition, the loan portfolio also increased by 17.30%, the bank’s total customer loans and facilities to 30.1 billion pounds at the end of last September, compared to 25.7 billion at the end of December 2021.

The bank's total financial investments jumped from EGP 19.12 billion at the end of 2021 to EGP 23.15 billion at the end of the third quarter of 2022, achieving a growth rate of 21.12%, and an increase of EGP 4.04 billion, ranking fifth on the "First Bank" list.

The bank achieved strong growth in terms of retail banking portfolios, as individual loans jumped by 46.28%, to record EGP 2.62 billion at the end of September 2022, compared to EGP 1.79 billion at the end of December 2021, ranking second on the “First Bank” list of fastest growing banks in individual loans.

The individual deposits portfolio also jumped to EGP 12.3 billion at the end of September 2022, compared to EGP 11.2 billion at the end of December 2021, achieving a growth rate of 9.60%, to achieve second place also on the “First Bank” list of banks with the fastest growth in individual deposits.