Suez Canal Bank among fastest growing companies in Africa 2023, according to Financial Times
Financial Times newspaper revealed the list of the fastest growing companies in Africa for 2023, and the list included 9 Egyptian companies, including Suez Canal Bank.
Suez Canal Bank ranked third in terms of the fastest growing Egyptian companies, according to a report issued by Financial Times newspaper.
According to several reasons, including:
• Achieving revenues of not less than $ 100,000 during 2018.
• Achieving revenues of not less than $ 1.5 mn during 2021.
• the company is independent (the company is not a branch or branch office of any kind).
• The company's headquarters is located in an African country.
The ranking, which is now in its second year, shows that the list's companies have managed to grow their businesses in the financial technology, renewable energy, healthcare, commodities and agriculture sectors.
The list included Suez Canal Bank, based on its multiple achievements, and the strength of its financial indicators during the last period, led by Hussein Rifai, Chairman of the Board of Directors of the bank.
The bank was able to achieve positive results in all its main indicators, as the bank’s net profit jumped at a growth rate of 72%, breaking EGP 1 bn for the first time in its history, recording EGP 1.04 bn in 2022, compared to EGP 604.68 mn in 2021, an increase of EGP 435.36 mn.
Total deposit portfolio also increased by a growth rate of 30.08% over the past year, to reach EGP65.80 bn by the end of 2022, compared to EGP50.59 bn by the end of 2021, an increase of EGP15.22 bn.
Suez Canal Bank strengthened its financial position to reach EGP74.67 bn by the end of 2022, compared to EGP57.43 bn by the end of 2021, achieving a growth rate of 30.01%, and an increase of EGP17.24 bn.
And he increased financing to clients as total loan portfolio jumped to EGP 32.14 bn by the end of 2022, compared to EGP 25.68 bn by the end of 2021, achieving a growth rate of 25.13%, and an increase of EGP6.45 bn.
