عربي

161% increase in net profit by end of March 2023, with 18% growth in the total financial position and 12% growth in the loan and customer facilities portfolio by end of March 2023 compared to the previous year

161% increase in net profit by end of March 2023, with 18% growth in the total financial position and 12% growth in the loan and customer facilities portfolio by end of March 2023 compared to the previous year

Hussein Refai, Chairman and Managing Director of Suez Canal Bank, stated that the bank's total profits reached 251 million Egyptian pounds by end of March 2023, compared to 96 million pounds in March 2022, achieving a growth rate of 161%, supported by an increase in net income from the return by 90%, to reach 707 Million Egyptian pounds at the end of March 2023 compared to 373 million Egyptian pounds at the end of March 2022, as well as an increase in net income from fees and commissions by 228%, reaching 224 million Egyptian pounds at the end of March 2023 compared to 68 million Egyptian pounds at the end of March 2022.

The Increasing of Banks’ financial positioning by 18% to reach EGP 87.9 billion at end of March 2023 compared to EGP 74.7 billion at end of 2022, supported by increase in deposits by 15% to reach EGP 75.6 billion at the end of March 2023 compared to EGP 65.8 billion at the end of the previous year.

Hussein Refai also announced that the bank succeeded in increasing the net loan portfolio and customer facilities by a growth rate of 12% to reach 33.3 billion Egyptian pounds at the end of March 2023 compared to 29.6 billion Egyptian pounds at the end of 2022, as the total corporate loan portfolio increased by 14% to reach 33.4 billion Egyptian pounds at the end of March 2023 compared to EGP 29.4 billion in December 2022. The growth in the loan portfolio came of the diversification of funding for various sectors such as the agricultural, contracting, financial services, real estate, and tourism sectors, which led to distribution of risks and the diversification of the bank’s portfolio clients.

Also, the retail banking portfolio increased by 13%, to reach EGP 3.1 billion, compared to EGP 2.8 billion by the end of 2022.

Hussein Refai added that the framework of the bank's strategy to spread geographically and expand the branch network, the "Suez Canal Bank" opened Hurghada branch in a privileged location in May 2023, which is the branch No. 50 in the bank's chain of branches. The fastest time, The branch aims to serve all customer segments in the city, whether through retail banking products and services, as well as through products and services for financing projects and large companies, as well as medium and small companies.