Suez Canal Bank Net profits grows by 85%, reaching EGP1.36 bn during 9M-2023
First Bank
Hussein Rifaai, Chairman and CEO, stated that the bank's net profits increased to EGP1.36 bn by the end of September 2023, compared to EGP 735 mn in September 2022, showing an 85% growth driven by a 74% increase in net income from returns, reaching EGP2.3 bn by September 2023.
The bank's net fees and commissions income also rose by 157%, reaching EGP515 mn by September 2023, compared to EGP 200 mn in September 2022.
The bank's total financial position increased by 23.5% to reach EGP92 bn by September 2023, supported by a 14% increase in deposits, totaling EGP75.1 bn by September 2023 compared to EGP 65.8 bn by the end of the previous year.
The bank successfully increased the net loan portfolio and customer facilities by 11.4%, reaching EGP33.0 bn by September 2023 compared to EGP 29.6 bn by the end of 2022. Corporate loans also increased to EGP32.9 bn by September 2023, with a growth rate of 12%.
The retail banking portfolio reached EGP3.6 bn by September 2023, a 30% increase from the end of 2022. Additionally, the total portfolio of small, medium, and micro-enterprises exceeded the Central Bank of Egypt's targeted percentage of 25%.
The bank's loan portfolio growth reflects diversification in financing across sectors, supporting the national economy. With 50 branches across the country, the bank continues to strengthen its customer service.
In other news, Suez Canal Bank received prestigious awards, including recognition from International Business Magazine for being the fastest-growing bank in Egypt in 2023. It also received 2 awards from World Business Outlook for the best-performing bank and CEO in Egypt in 2023.
Furthermore, Suez Canal Bank joined the Arabia Fortune 500 list for 2023, encompassing the top 500 companies in the Arab region, after achieving strong financial results in 2022.
