Suez Canal Bank net profits jump to EGP 735m in September 2022

Suez Canal Bank, led by Hussein Refai, Chairperson and Managing Director of the bank, achieved strong business results by the end of the third quarter of this year.

According to the bank’s performance indicators, the bank’s net profit jumped to EGP 735m at the end of September 2022, compared to EGP 377m in September 2021, with a growth rate of 95%, supported by an increase in net income from the return by 17%.

The increase in net fee and commission income amounted to 41%, to reach EGP 200m at the end of September 2022, compared to EGP 142m in September 2021.

The bank’s total financial position increased to EGP 67bn at the end of September 2021, compared to EGP 57bn at the end of December 2021, with a growth rate of 16%, supported by a 14% increase in customer deposits to reach EGP 58bn compared to EGP 51bn.

The bank also succeeded in increasing the net loan portfolio and customer facilities by 21%, to reach EGP 28bn in September 2022, compared to EGP 23bn in December 2021.

The personal loans portfolio recorded a growth of 46% to reach EGP 2.6bn compared to EGP 1.8bn, while the small and medium-sized enterprises portfolio increased by 27%, to reach EGP 1.9bn compared to EGP 1.5bn.