161% increase in net profit of Suez Canal Bank in 1Q 2023

Hussein Refaey, Chairperson and Managing Director of the Suez Canal Bank, said that the bank’s net profits reached EGP 251m in March 2023, compared to EGP 96m in March 2022, a growth of 161%.

He added that this was supported by an increase in net income from returns by 90% to reach EGP 707m in March, compared to EGP 373m, as well as an increase in net income from fees and commissions by 228%, to reach EGP 224m, compared to EGP 68m.

According to Refaey, the financial position of the Suez Canal Bank increased by 18% to reach EGP 87.9bn in March 2023, compared to EGP 74.7bn in December 2022, supported by an increase in deposits by 15% to reach EGP 75.6bn compared to EGP 65.8bn.

He explained that the bank succeeded in increasing the net portfolio of loans and customer facilities by 12% to reach EGP 33.3bn in March 2023, compared to EGP 29.6bn in December 2022, pointing to an increase in the total portfolio of corporate loans by 14% to reach EGP 33.4bn, compared to about EGP 29.4bn, as a result of the diversification of financing various sectors, such as agriculture, contracting, financial services, real estate and tourism, which led to the distribution of risks and the diversification of the bank’s portfolio clients.

It is mentioned that the value of the loan portfolio here is net, that is, minus the provisions and interest set aside, while the value of corporate loans is in total, without deducting the provisions or interest set aside.