Suez Canal Bank is making history with an extraordinary investment plan set by its Chairman

Suez Canal Bank has been making history for five years under the leadership of Hussein Refaie through which it was able to achieve leaps in all key indicators upon the implementation of a successful restructuring plan that changed the mental image of the Suez Canal Bank and expanded its customer base.

Hussein Refaie has assumed the position as the Chairman of the Board of Directors in May 2017, since then he has applied a well-crafted investment plan that led to the strong performance of Suez Canal Bank

His investment plan has initially focused on improving the quality of assets which led them to grow significantly.

In addition, the bank has expanded in granting loans on the expense of financial investments. Thus, the loans to assets ratio has increased from  27.46% at the end of 2016 to 41.82% at the end of September 2022 when compared to financial investments to assets ratio which declined from 43.07% at the end of 2016 to 34.63% at the end of September 2022.

With regards to employing its deposits, the bank has enhanced the quality of its loans portfolio after reducing the ratio of non-performing loans to half. However, the bank has decreased loans to deposits ratio from 66.3% by the end of 2016 to 52% by the end of September 2022 in order to maintain its financial soundness.

The ratio of non-performing loans to the bank’s total loans portfolio decreased significantly, recording about 4.39% at the end of September 2022, compared to 52.43% at the end of 2016.

Moreover, financial investments to deposits ratio were also reduced to 40.03% at the end of September 2022, compared to 56.12% at the end of 2016.

Upon these changes in the bank investment plan; it was able to achieve strong profit rates. Its  net profit jumped by 188.40% to record 604.675 million Egyptian pounds in 2021, compared to 209.669 illion  Egyptian pounds in 2016 with an increase of 395.006 million pounds.

Furthermore, SCB has been named third on First Bank list of fastest growing listed banks in terms of net profit during the first 9 months of 2022.  Its  net profits jumped by 94.91% to record EGP735 million during 9M-22, compared to EGP377 million during year-ago period with an increase of EGP 357.773 million.

In addition, Suez Canal Bank succeeded in doubling its return on from 0.77% in 2016 to 1.08% at the end of 2021 to reach 1.18% at the end of September 2022.

The return on equity ratio increased from 10.98% in 2016 to 14.63% at the end of 2021 and finally to stand at 15.41% at the end of September 2022.

Moreover, the bank’s assets portfolio jumped by 112.73%, to record 66.862 billion pounds at the end of the third quarter of this year, compared to 31.431 billion pounds at the end of 2016, an increase of 35.431 billion pounds.

Suez Canal Bank’s loan portfolio also jumped by 88.16% during this period to record 30.125 billion pounds at the end of the third quarter of 2022, compared to 16.010 billion pounds at the end of 2016, achieving an increase of 14.115 billion pounds.

The bank’s  loan portfolio has been increased due to many reasons on top was the launch of a special department to manage retail banking loans within the framework of the restructuring plan that he successfully implemented to expand the bank’s customer base and change its mental image.

Thus, the bank’s retail banking loans portfolio increased by 650.24%, to record 2.617 billion Egyptian pounds at the end of September 2022, compared to 348.886 million Egyptian pounds at the end of 2016 with an increase of 2.268 billion Egyptian pounds.

The bank aspires for more, as it continues its ambitious strategy to expand its loan portfolio especially in retail banking loans. An ambition which led it to occupy the second place on First Bank list of fastest growing listed banks in terms of growth in  terms of retail loans which jumped by 46.28%. Its retail loans portfolio recorded 2.62 billion Egyptian pounds at the end of September 2022, compared to 1.79 billion pounds at the end of December 2021.

The bank’s deposit portfolio jumped to 57.831 billion pounds at the end of the third quarter of 2022, compared to 24.120 billion pounds at the end of 2016, achieving a growth rate of 139.76%, and an increase of 33.711 billion pounds.