عربي

The ordinary general meeting of Suez Canal Bank held on 13 August 2023 approved the increase of paid-up capital to EGP5 billion to meet the CBE requirements of banks minimum capital. On the other hand, June 2023 performance showed 134% increase in net profit compared to June 2022, with 17% growth in the total financial position and 7% growth in loans and customers facilities portfolio compared to December 2022

The ordinary general meeting of Suez Canal Bank held on 13 August 2023 approved the increase of paid-up capital to EGP5 billion to meet the CBE requirements of banks minimum capital. On the other hand, June 2023 performance showed 134% increase in net profit compared to June 2022, with 17% growth in the total financial position and 7% growth in loans and customers facilities portfolio compared to December 2022

Mr. Hussein Refai, Chairman and Managing Director of Suez Canal Bank, announced an increase in the bank's total profits to reach EGP628 million by end of June 2023, compared to EGP268 million in June 2022 building off 134% growth. This is supported by an increase in net interest income by 79% to reach EGP1.482 billion at the end of June 2023 compared to EGP826 million at the end of June 2022, as well as an increase in net fees and commissions income by 173%, reaching EGP391 million at the end of June 2023 compared to EGP143 million at the end of June 2022.

Furthermore, total financial position improved by 17% to reach EGP87.1 billion by end of June 2023 compared to EGP74.7 billion by end of 2022, supported by increase in deposits by 11% to reach EGP72.9 billion at the end of June 2023 compared to EGP65.8 billion at the end of December 2022.

Mr. Chairman also announced that the bank managed to increase the net loan and credit facilities portfolio by 7% to reach EGP31.6 billion at the end of June 2023 compared to EGP29.6 billion at the end of 2022. This mainly contributable to an increase in corporate loan portfolio that increased by 9% to reach EGP32 billion at the end of June 2023 compared to EGP29.4 billion in December 2022. He added that the growth of loans portfolio was a result of diversification of sectors financed, including agricultural, contracting, financial services, real estate, and tourism sectors, which led to risk defragment and portfolio deconcentrating.

Mr. Chairman highlighted the success of increasing the retail loans portfolio by a growth rate of 19% to reach EGP3.3 billion at the end of June 2023 compared to EGP2.8 billion at the end of 2022. In addition to an increase in SMEs portfolio to reach EGP6.1 billion at the end of June 2023.

Mr. Refai added that the general meeting held on 13 August approved the increase of paid-up capital by EGP400 million to leap from EGP4.6 billion to EGP5 billion to meet the minimum capital required by the law of CBE and banking sector. It worths to mention that the paid-up capital raise over the last five years from EGP2 billion up to EGP5 billion (150%up). The raise has been accomplished internally from retained profit of the last five years.

On the other hand, Forbes Foundation has chosen our bank as one of best 50 performing companies in Egypt in 2023. Likewise, Financial times has chosen the bank to be among the fast-growing banks in Africa in 2023.