Suez Canal Bank Achieves Milestone Recognition on Fortune 500 Arabia List for 2023

Suez Canal Bank has joined Fortune 500 Arabia list for 2023, recognizing its strong financial performance in 2022 and reflecting its commitment to providing innovative products and services through the latest technological methods.

The list is compiled based on various criteria, including total revenues and the number of employees, by a team of researchers from major global institutions.

Hussein Rifaai, the Chairman and CEO of Suez Canal Bank, expressed pride in the bank’s inclusion in the list, emphasizing its continuous efforts to keep pace with industry developments and contribute significantly to the national economy.

The bank’s collaborative work culture and emphasis on initiative and innovation were highlighted as key factors in its success, adding to a series of recent global awards attesting to its strong performance over the past 6 years.

The primary criterion for the ranking is the company’s total annual revenue for the fiscal year ending on December 31, 2022. In this context, Suez Canal Bank’s revenues increased by 47% in 2022, reaching EGP7.213 bn compared to around EGP4.9 bn in 2021.

Furthermore, the bank’s net profit rose by 71.9% to EGP1.04 bn in 2022, compared to EGP604.68 mn in 2021.

The net income from interest, fees, and commissions also increased to EGP2.2 bn in 2022, compared to EGP1.7 bn in 2021.

“Arabian Fortune 500” list is the first edition of the regional list issued by Fortune magazine in New York, USA, since 1955, featuring the top 500 companies in the Arab region from the Middle East and North Africa.