1.36 billion pounds in net profits of Suez Canal Bank at the end of September 2023, an increase of 85% compared to September 2022, and 92 billion pounds in the total financial position, an increase of 23.5%, supported by an increase in deposits by 14% and an increase in the loan portfolio and customer facilities by 11.4% compared to December 2022
IFM rewards it to the officials of the institutions that have provided the highest standards of development, growth and excellence throughout their organizations; this award proceeds post extensive process of evaluation by specialized consultants.
Hussein Rifai, Chairman of the Board of Directors and Managing Director of the Suez Canal Bank, stated that the bank’s net profits rose to 1.36 billion Egyptian pounds at the end of September 2023, compared to 735 million Egyptian pounds at the end of September 2022, achieving a growth rate of 85% supported by an increase in net income from returns by 74% to reach 2.3 billion Egyptian pounds at the end of September 2023 compared to 1.3 billion Egyptian pounds at the end of September 2022, as well as an increase in net income from fees and commissions by 157% to reach 515 million Egyptian pounds at the end of September 2023 compared to 200 million Egyptian pounds at the end of September 2022.
The bank's total financial position also increased by 23.5%, reaching 92 billion Egyptian pounds at the end of September 2023, compared to 74.7 billion Egyptian pounds at the end of 2022, supported by an increase in deposits by 14%, reaching 75.1 billion Egyptian pounds at the end of September 2023, compared to 65.8 billion Egyptian pounds at the end of 2023. last year.
The bank also succeeded in increasing its net loan portfolio and customer facilities by a growth rate of 11.4% to reach 33.0 billion Egyptian pounds by the end of September 2023, compared to 29.6 billion Egyptian pounds at the end of 2022, while the total corporate loans increased to reach 32.9 billion pounds by the end of September 2023, compared to 29.4 billion pounds. By the end of 2022, with a growth rate of 12%, the retail banking portfolio also increased to reach 3.6 billion Egyptian pounds by the end of September 2023, compared to 2.8 billion pounds by the end of 2022, with a growth rate of 30%, in addition to an increase in the total portfolio of small, medium, and micro companies to exceed the target percentage of the Central Bank. Egyptian Bank, which is 25%, and the growth in the loan portfolio came because of the diversification of financing for all sectors, so that the bank continues its efforts in supporting the national economy.
It is worth noting that the number of the bank’s branches reaches 50 branches distributed throughout the governorates of the Republic to serve the bank’s customers, which is increasing rapidly.
On another level, Suez Canal Bank has received several prestigious awards, including an award from “International Business Magazine” for the fastest growing bank in Egypt for the year 2023, two awards from “World Business Outlook” magazine, an award for the best performing bank in Egypt for the year 2023, and an award for the best CEO in Egypt. For the year 2023.
Suez Canal Bank also joined the “Arab Fortune 500” list for the year 2023 for the first time, which includes the 500 largest companies in the Arab region from the Middle East and North Africa, after achieving strong financial business results during the year 2022.