After recording EGP 250.87 mn during Q1-2023, Suez Canal Bank achieves its fastest quarterly profit growth in 5 years

The financial results of Suez Canal Bank revealed strong and exceptional growth in the current year, evident in its fastest quarterly growth in net profits in the past 5 years, surpassing other listed banks in terms of the speed of its net profit growth.

This outstanding performance is supported by the bank's significant expansion in its various activities, while adhering to the highest standards of operational efficiency and its adopted development strategy, led by the veteran banker Hussein Rifai, Chairman of the bank's board of directors, and his deputy team.

Net profits of the Suez Canal Bank surged by 160.58%, reaching EGP 250.87 mn during the first quarter of 2023, compared to EGP 96.27 mn during the same period in 2022, with an increase of EGP 154.59 mn.

In terms of the growth rates achieved during the first quarter of previous years, the bank witnessed a decline of 16.80% in net profits in 2022, while it achieved a growth of 1.20% in 2021. However, it recorded a decrease of 11.06% in 2020, and a growth of 11.54% in 2019.

The strong performance of the bank in terms of its net profits is supported by the significant growth it achieved in net fees and commissions income, which jumped by 227.67%, reaching EGP 224.09 mn during the first quarter of 2023, compared to EGP 68.39 mn during the same period in 2022, with an increase of EGP 155.7 mn.

Net interest income also increased to EGP 707.25 mn during the first quarter of 2023, compared to EGP 373.05 mn during the same period in 2022, with a growth rate of 89.59% and an increase of EGP 334.2 mn.

Regarding the bank's financial position, Suez Canal Bank was able to continue enhancing its assets, reaching EGP 87.93 bn by the end of March 2023, compared to EGP 74.67 bn by the end of 2022, achieving a growth rate of 17.76% and an increase of EGP 13.26 bn.

The bank succeeded in attracting more customers, which is evident in the positive performance of its customer deposit portfolio, which increased to EGP 75.56 bn by the end of March 2023, compared to EGP 65.80 bn by the end of 2022, with a growth rate of 14.83% and an increase of EGP 9.76 bn.

This is attributed to the success of Suez Canal Bank in gaining the trust of more companies, as reflected in the increase of its corporate deposit portfolio by 16.82%, reaching EGP 61.91 bn by the end of March 2023, compared to EGP 52.99 bn by the end of 2022, with an increase of EGP 8.91 bn.

The bank also succeeded in attracting more individuals thanks to its distinguished and competitive products, with its portfolio of individual deposits growing by 6.59%, reaching EGP 13.65 bn by the end of March 2023, compared to EGP 12.81 bn by the end of 2022, with an increase of EGP 844.5 mn.

Its portfolio of customer loans increased by 13.73% on a quarterly basis, reaching EGP 36.55 bn at the end of March 2023, compared to EGP 32.14 bn at the end of 2022, an increase of EGP4.41 bn.