Exceeding EGP 2 bn for the first time, SC Bank achieves fastest annual growth in profits during 5 years
Mai El-Kafoury
Suez Canal Bank achieved record net profit growth over the past year under the leadership of Hussein Refaie. The Bank's net profits surpassed EGP 2 bn for the first time in its history after reaching EGP 2.29 bn in 2023, compared to EGP 1.04 bn in 2022, with growth estimated at 120 .5% and an increase of EGP 1.25 bn, recording the highest growth rate, and the largest annual increase in 5 years.
Turning to its net profit growth rates over the past five years, we find that it has grown by about 29.04% in 2019.
In terms of net profits during the coronavirus pandemic, which was declared a global pandemic in 2020, the data showed that it was significantly affected, as net profit growth slowed to 10.97% in 2020, and the pace of slowdown continued to reach a growth rate of only 0.50% in 2021.
However, this situation did not last long as the Bank re-recorded strong net profit growth, as evidenced by an increase of about 72% on an annual basis, to record EGP 1.04 bn in 2022, compared to EGP 604.7 mn in 2021.
Overall, Suez Canal Bank recorded a strong performance over the past year, with net interest income jumping to EGP 3.24 bn in 2023, compared to EGP 1.89 bn in 2022, with a growth of 71.56% and an increase of EGP 1.35 bn.
Net fees and commissions income rose by 123.01% over the past year, reaching EGP 660.68 mn in 2023, compared to EGP 296.25 mn in 2022, with an increase of EGP 364.43 mn. The share in the Bank's profits during the period from early January to the end of December 2023 jumped to EGP 4.36 per share over the past year, compared to EGP 1.98 per share in 2022, with a growth of 120.20% and an increase of EGP 2.38 per share.
Regarding the bank's financial position, the assets portfolio rose by about 37.86%, to EGP 102.938 bn by the end of December 2023, compared to EGP 74.667 bn by the end of 2022, with an increase of EGP 28.271 bn.
Customer deposits portfolio jumped by 11.92% over the past year, registering EGP 73.647 bn by the end of December 2023, compared to EGP 65.802 bn by the end of 2022.
The bank's net customer loans rose from EGP 29.617 bn by the end of 2022, to EGP 33.772 bn by the end of 2023, with a growth of 14.03% and an increase of EGP 4.155 bn.
