Suez Canal Bank has achieved strong performance during the current year, leading it to top First Bank list of

Analysis

Suez Canal Bank Tops Listed Banks in Net Profit Growth in Q1-2023

5/31/2023 10:28:00 AM

Suez Canal Bank has achieved strong performance during the current year, leading it to top First Bank list of listed banks with the fastest growth in net profits, continuing its strong performance under the leadership of Hussein Rifai, the Chairman of the Bank's Board of Directors.

Net profits for Suez Canal Bank jumped by approximately 160.58%, reaching EGP250.87 mn during the first quarter of 2023, compared to EGP96.27 mn during the same period in 2022, with an increase of EGP154.59 mn.

The strong performance of Suez Canal Bank in terms of net profits was supported by significant growth in net fees and commissions income, which jumped by 227.67%, reaching EGP224.09 mn during the first quarter of 2023, compared to EGP68.39 mn during the same period in 2022, with an increase of EGP 155.7 mn.

Net interest income also increased to EGP707.25 mn during the first quarter of 2023, compared to EGP373.05 mn during the same period in 2022, achieving a growth rate of 89.59% and an increase of EGP334.2 mn.

Suez Canal Bank achieved strong performance during the current year, as the bank's total assets increased by 17.76%, reaching EGP87.925 bn by the end of March 2023, compared to EGP74.667 bn by the end of 2022, with an increase of EGP13.258 bn.

It also managed to increase its deposit portfolio by around EGP9.756 bn, reaching EGP75.559 bn by the end of March 2023, compared to EGP65.803 bn by the end of 2022, with a quarterly growth rate of 14.83%.

Furthermore, it significantly strengthened its customer financing, with total loans to customers increasing by 13.73%, reaching EGP36.550 bn by the end of March 2023, compared to EGP 32.137 bn by the end of 2022.