Suez Canal Bank's Assets grows by 18%, reaching EGP 87.9 bn in Q1-2023

5/30/2023 4:09:00 PM

Hussein Rifai, Chairman of the Board of Directors and Managing Director of Suez Canal Bank, stated that the bank's Assets increased at a growth rate of 18%, reaching EGP 87.9 bn by the end of March 2023, compared to EGP 74.7 bn at the end of 2022.

The bank's total profits rose to EGP 251 mn by the end of March 2023, compared to EGP 96 mn in March 2022, achieving a growth rate of 161%.

The increase in the bank's profits was supported by a 90% increase in net interest, reaching EGP 707 mn by the end of March 2023, compared to EGP 373 mn at the end of March 2022.

Rifai explained that net fees and commissions income for the bank increased by 228% to reach EGP 224 mn by the end of March 2023, compared to EGP 68 mn at the end of March 2022.

Bank deposits increased by 15% to reach EGP 75.6 bn by the end of March 2023, compared to EGP 65.8 bn at the end of the previous year.

Rifai announced that the bank succeeded in increasing net portfolio of loans and facilities to customers by 12%, reaching EGP 33.3 bn by the end of March 2023, compared to EGP 29.6 bn at the end of 2022.

Total corporate loans portfolio increased by 14% to reach EGP 33.4 bn by the end of March 2023, compared to EGP 29.4 bn in December 2022.

The growth in loan portfolio was a result of diversifying financing for various sectors such as agriculture, contracting, financial services, real estate, and tourism, which led to risk distribution and diversification of the bank's portfolio clients.

The bank's retail banking portfolio also increased by 13% to reach EGP 3.1 bn by the end of March 2023, compared to EGP 2.8 bn at the end of 2022.

Rifai added that as part of the bank's strategy for geographic expansion and branch network expansion, Suez Canal Bank opened a branch in Hurghada in a prominent location in May 2023. This is the bank's 50th branch, equipped with the latest modern technology systems.

The branch allows customers to execute all their transactions and requests in the fastest time possible, targeting all customer segments in the city, whether through retail banking products and services or through products and services related to financing projects, large companies, as well as MSEs.