Suez Canal Bank records 6% by end of 2021

Hussein Rifai, the Chairperson and Managing Director of the Suez Canal Bank, said that the bank achieved a 6% growth rate, reaching EGP 57.4bn by the end of 2021, compared to 2020’s EGP 54.4bn.

This was in light of the precautionary measures and initiatives adopted by the Central Bank of Egypt (CBE) for the second year in a row.

He added that the bank was also able to achieve a profit of EGP 605m, which is the same as what was achieved last year.

Furthermore, the bank achieved a 30% growth rate in employment in the loan and facilities portfolio for customers to reach EGP 23bn by the end of 2021, compared to the previous year’s EGP 17.8bn.

Customer deposits also increased by 14% to reach EGP 50.6bn, up from EGP 44.3bn.

This was accompanied by an increase in employment rates, bringing the ratio of net loans to deposits to 45.6% by the end of 2021, compared to 2020’s 40.1%.