Egypt: Suez Canal Bank announces 134% increase in net profit to $20.32mln during 1H 2023

Egypt: Suez Canal Bank announces 134% increase in net profit to $20.32mln during 1H 2023

Hussein Rifai, Chairperson and Managing Director of the Suez Canal Bank, said that the bank’s net profits increased to EGP 628m in June 2023, compared to EGP 268m in June 2022, achieving a growth rate of 134%.

According to Rifai, this growth in profits is supported by an increase in net income from returns by 79%, to EGP 1.482m at the end of June 2023, compared to EGP 826m at the end of June 2022, and an increase in net income from fees and commissions by 173%, to EGP 391m, compared to EGP 143m.

The total financial position of the bank increased by 17% to EGP 87.1bn at the end of June 2023, compared to EGP 74.7bn at the end of December 2022, supported by an increase in deposits by 11% to EGP 72.9bn, compared to EGP 65.8bn.

Rifai indicated that the bank managed to increase the net portfolio of loans and customer facilities by 7% to EGP 31.6bn at the end of June 2023, compared to EGP 29.6bn at the end of 2022. The total portfolio of corporate loans increased by 9% to EGP 32.0bn, compared to about EGP 29.4bn.

Rifai explained that the growth in the loan portfolio was the result of