The Suez Canal Bank has announced that its net profits increased to EGP 1.36bn in September 2023, compared to EGP 735m in September 2022, achieving a growth rate of 85%.
Hussein Rifai, Chairperson of the Suez Canal Bank, explained that this increase was supported by an increase in net income from returns by 74% to EGP 2.3bn in September 2023, compared to EGP 1.3bn in September 2022, as well as an increase in net income from fees and commissions by 157% to EGP 515m, compared to EGP 200m.
The bank’s total financial position also grew by 23.5% to reach EGP 92bn in September 2023, compared to EGP 74.7bn in 2022, supported by an increase in deposits by 14% to EGP 75.1bn, compared to EGP 65.8bn. Additionally, the net portfolio of loans and customer facilities grew by 11.4%, reaching EGP 33.0bn, compared to EGP 29.6bn.
According to Rifai, corporate loans increased to EGP 32.9bn in September 2023, compared to EGP 29.4bn in 2022, with a growth rate of 12%.
The retail banking portfolio also increased to EGP 3.6bn, compared to EGP 2.8bn, with a growth rate of 30%, in addition to an increase in the total portfolio of small, medium, and micro enterprises, exceeding the target percentage of the Central Bank of Egypt, which is 25%.
Rifai also pointed out that the growth in the loan portfolio was the result of diversification in financing for all sectors so that the bank continues its efforts in supporting the national economy.
The number of the bank’s branches reached 50 across Egyptian governorates
Moreover, the Suez Canal Bank has received several prestigious awards, including an award from “International Business Magazine” for the fastest-growing bank in Egypt for the year 2023, two awards from “World Business Outlook” magazine for the best-performing bank in Egypt for the year 2023, and the best CEO in Egypt for the year 2023.
Suez Canal Bank also joined the “Arab Fortune 500” list for the year 2023 for the first time, which includes the 500 largest companies in the Arab region from the Middle East and North Africa, after achieving strong financial business results in 2022.
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