Growing by 144%, EGP 611 million net profit of Suez Canal Bank in March 2024, compared to EGP 251 million net profit in March 2023. financial position growing by 32% supported by 18% increase in portfolio of loans compared to 2023

Mr. Akef Elmaghraby, Managing Director of Suez Canal Bank, announced an increase in the bank's net profits to reach EGP 611 million by end of March 2024, compared to EGP 251 million in March 2023 achieving 144% growth. This is supported by an increase in net interest income by 54% to reach EGP 1.09 billion at the end of March 2024 compared to EGP 707 million at the end of March 2023.

Furthermore, total financial position grew by 32% to reach EGP 136 billion by end of March 2024 compared to EGP 102.9 billion by end of 2023, supported by increase in deposits by 27% to reach EGP 93.6 billion at the end of March 2024 compared to EGP 73.6 billion at the end of the same period last year.

Mr. Akef also declared that the bank succeeds to increase the net loan and credit facilities portfolio by 18% to reach EGP 39.8 billion at the end of March 2024 compared to EGP 33.8 billion at the end of 2023. This is mainly attributable to an increase in corporate net loan portfolio by 24% reaching EGP 32.7 billion compared to EGP 26.4 billion at the end of December 2023. 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. Akef highlighted the success of increasing the retail loans portfolio by a growth rate of 10% to reach EGP4.1 billion at the end of March 2024 compared to EGP3.7 billion at the end of 2023. In addition to an increase in SMEs portfolio to reach EGP7.5 billion at the end of March 2024, compared to 6.9 in December 2023.