Suez Canal Bank’s profit soars to $13mln in Q1-24

Total assets leapt to $2.88bln in January-March

Staff Writer, Mubasher

May 14, 2024

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Cairo – Suez Canal Bank’s net profit surged to EGP 611.24 million in the first quarter (Q1) of 2024 from EGP 250.86 million in the same quarter a year earlier.

Net interest income jumped to EGP 1.09 billion in Q1-24 from EGP 707.24 million in Q1-23, according to financial statements.

The earnings per share (EPS) hit EGP 1.08 in the three-month that ended on 31 March 2024, up from EGP 0.44 in the corresponding period of 2023.

Total assets leapt to EGP 136.01 billion in January-March from EGP 102.93 billion in Q1-23.

Customer deposits grew to EGP 93.62 billion in Q1-24 from EGP 73.64 billion the year before.

In 2023, Suez Canal Bank reported EGP 2.29 billion in net profit, a surge from EGP 1.04 billion.

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