Hussein Rifai's success journey with Suez Canal Bank

Hussein Rifai managed to achieve strong growth since assuming in early May 2017, the executive leadership of Suez Canal Bank, where he worked to expand the bank’s business volume and strengthen its financial position, to grow its asset portfolio from EGP 31.43 bn at the end of 2016, to EGP74.7 bn by the end of 2022, achieving A growth rate of 137.56%, an increase of EGP43.24 bn.

Hussein Rifai gained the trust of more depositors, and attracted new clients, whether individuals or corporates, which is evident in the large boom in the bank’s deposit portfolio, as it rose from EGP 24.12 bn at the end of 2016, to EGP 65.80 bn by the end of 2022. It achieved a growth rate of 172.81%, and an increase of EGP41.68 bn.

Due to the increase in individual deposits with Suez Canal by 126.27%, reaching EGP 12.81 bn by the end of 2022, compared to EGP5.66 bn by the end of 2016, an increase of EGP7.15 bn.

Corporate deposits also played a major role in increasing total customer deposit portfolio, rising from EGP 18.46 bn at the end of 2016 to EGP 52.99 bn at the end of 2022, achieving a growth rate of 187.08%, an increase of EGP 34.53 bn.

Rifai enhanced the bank’s financing for customers, which was obvious by the remarkable increase in customer loan portfolio, which jumped by 100.72%, to reach EGP 32.14 bn at the end of 2022, compared to EGP 16.01 bn at the end of 2016, an increase of EGP 16.13 bn.

This strong performance was driven by the growing interest in the institutional sector by Suez Canal Bank since Hussein Rifai assumed the executive leadership, as the bank’s corporate finances increased from EGP 15.66 bn at the end of 2016 to EGP 29.38 bn at the end of 2022, achieving a growth rate of 87.59%, an increase of EGP13.72 bn.

Rifai also paid great attention to the retail banking sector, which is reflected in the record growth witnessed by its financing to individuals, as it jumped 690.14%, until it reached EGP 2.76 bn at the end of 2022, compared to EGP 348.89 mn at the end of 2016, an increase of EGP 2.41 bn.

Hussein Rifai was able to achieve significant increases in the bank's financial investments, reaching EGP24.62 bn by the end of 2022, compared to EGP 13.54 bn at the end of 2016, with a growth rate of 81.85%, and an increase of EGP11.08 bn.

It was also able to increase shareholders' Equity of the Suez Canal Bank by 173.45%, recording EGP5.50 bn at the end of 2022, compared to EGP 2.01 bn at the end of 2016, an increase of EGP 3.49 bn.

Moreover, he succeeded in reducing the rate of non-performing loans to total loans from 52.43% at the end of 2016 to 5.56% by the end of 2022, to come close to that. The bank is among the average of the banking sector, which is 3.4% by the end of 2022.

Hussein Rifai was able to raise the percentage of loans and facilities classified in the two highest degrees of the internal evaluation score to 89.49% by the end of 2022, compared to 42.93% by the end of 2016.

It was also able to raise the percentage of loans and facilities that do not have arrears or indications of impairment from 47.57% at the end of 2016 to 92.05% by the end of 2022.

This strong performance of Suez Canal Bank, under the leadership of Hussein Rifai, prompted the bank to achieve strong net profits, especially during the past year, as the bank managed for the first time in its history to break the barrier of EGP 1 bn, recording EGP1.04 bn in 2022, compared to EGP209.67 bn in 2016. It achieved a growth rate of 396.04%, and an increase of EGP 830.37 mn.

The strong profits that Suez Canal was able to achieve were mainly driven by the growth of net income from fees and commissions, as it increased by 141.14%, recording EGP 296.25 mn in 2022, compared to EGP122.85 mn in 2016, an increase of EGP173.4 mn.

As for net income from returns, it also achieved strong growth, rising from EGP 808.18mn in 2016 to EGP 1.89bn in 2022, achieving a growth rate of 133.89%, an increase of EGP 1.08bn.

Rifai's experience with the bank won international acclaim, especially during the recent period, as  International Finance magazine (specializing in emerging markets) awarded him the Best CEO Award for 2022.

Last April, International Business Magazine announced that the Suez Canal Bank won Fastest Growing in Financing Major Companies and corporates award for 2023. As for its most prominent awards during the current month, it was included in Financial Times list of the fastest growing African companies during the year 2023.