Alexandria, Delta and Sinai Most Profitable Sectors of Suez Canal Bank in 2023
First Bank
Suez Canal Bank made significant profits this year, with the bank's net profits rising by 84.68%. To record EGP 1.36 bn during the first 9M of 2023, compared to EGP 734.75 mn during the same period of 2022, with an increase of EGP 622.21 mn, which placed it the fifth on First Bank's list of the fastest growing net profits in the first 9M of this year.
Given the geographical sectoral analysis of the Bank's net profits, Alexandria, Delta and Sinai were the most realized for net profits, recording EGP 1.14 bn in the first 9M of 2023, compared to EGP 301.72 mn in the same period of 2022, a growth of 276.24%, and with an increase of EGP 833.49 mn.
The Alexandria, Delta and Sinai sectors accounted for the vast majority of Suez Canal's net profits by 83.66% during the first 9M of 2023.
In terms of "Suez Canal Bank" net profits from Cairo sectors, they accounted for about 14.26% of the bank's net profits, after posting EGP 193.55 mn during the first 9M of 2023, compared to EGP 414.96 mn during the same period in 2022.
The Bank's net profits from Upper Egypt sectors rose by 56.10%, recording EGP 28.20 mn during the first 9M of 2023, compared to EGP 18.07 mn during the same period in 2022, with an increase of EGP 10.14 mn.
The regions of Upper Egypt accounted for a very small proportion of the net profits of "Suez Canal Bank", accounting for only 2.08% during the first 9M of 2023.
It should be noted that the Bank provides institutional and retail banking services and investment in Egypt and abroad, through 50 branches.
