SC Bank achieves the fastest annual growth in net profits in 6 years
Suez Canal Bank was able to achieve strong performance during the past year, as a result of the efforts made by Hussein Rifai, Chairman of the Board of Directors of the Bank, and his team, to expand the volume of its business and attract new segments of customers, whether they are individuals or corporates, to be one of the The fastest growing banks in the Egyptian banking market.
Suez Canal bank recorded the fastest annual growth in its profits in 6 years, after it jumped by 72%, to break for the first time in its history EGP 1 bn, recording EGP1.04 bn during 2022, compared to EGP604.68 mn during 2021.
In terms of the growth rates achieved in the past years, the bank achieved in 2021 a growth of 0.50% in its net profits, while achieved a growth in 2020 of 10.97%, 29.04% in 2019, and 18.10% in 2018, while 69.69% in 2017.
The large increase achieved by the bank during the past year came, supported by net interest income by 24.01%, to record EGP1.89 bn in 2022, compared to EGP1.52 bn in 2021, an increase of EGP365.95 mn.
Net fees & commissions income increased by 56.98%, to record EGP296.25 mn in 2022, compared to EGP188.71 mn in 2021, an increase of EGP107.54 mn, ranking third on First Bank list of the fastest growing listed banks in net fees & commissions income over the past year.
Moreover, we found that Alexandria, Delta and Sinai sectors were the main source of the significant increase that it witnessed, as the bank’s net profits from these sectors jumped from EGP189.51 mn in 2021 to EGP567.93 mn in 2022, achieving a growth of 199.69%, an increase of EGP378.42 mn.
As for the bank's net profits from the Greater Cairo sectors jumped by 9.83%, to record EGP448.33 mn in 2022, compared to EGP408.18 mn in 2021, an increase of EGP40.14 mn.
The bank’s net profits from Upper Egypt sectors increased to EGP23.79 mn in 2022, compared to EGP 6.99 mn in 2021, achieving a growth rate of 240.48%, and an increase of EGP16.8 mn.
Hussein Rifai's experience draw the attention of of international institutions, led by International Finance magazine (specializing in emerging markets), as he won the Best CEO Award for 2022.
