(MENAFN- Daily News Egypt) Suez Canal Bank has joined the Fortune 500 Arab list for 2023, which ranks the largest 500 companies in the Arab region from the Middle East and North Africa. The bank achieved this feat after posting strong financial results in 2022, which reflected its established position and its continuous efforts to provide the best products and services using the latest innovative technologies.
The Fortune 500 Arab list is the first edition of the“Fortune 500” list issued by the global Fortune magazine in New York, USA, since 1955. The selection process for the list is carried out by a team of leading researchers and thinkers from major global institutions. It is based on several specified criteria, such as total revenues and the number of employees.
The selection process involved comprehensive research into the stock markets in 22 countries, collecting, verifying, and in-depth analysis of financial data. The data was primarily matched with independent financial data from S&P Capital IQ service by Standard & Poor's.
Hussein Refaei, Chairperson and Managing Director of Suez Canal Bank, stated that the bank's inclusion in this list is a clear recognition of the bank's status and its continuous commitment to keeping pace with the latest developments in the banking industry. He emphasized the bank's strong contribution to building and driving the national economy.
He pointed out that the culture of teamwork and a unified team spirit are essential pillars of success. The bank's strategy relies on encouraging initiative and innovative work. He affirmed that this achievement is a distinctive addition to a series of global awards recently received by the bank, proving its performance strength over the past six years.
The primary criterion for entry into the ranking, according to the website, is the total annual revenues of the company in the fiscal year ending on 31 December 2022.
In this context, the bank's revenues rose by 47% during 2022 compared to 2021, reaching EGP 7.213bn compared to approximately EGP 4.9bn. The bank's net profit also increased by 71.9%, reaching EGP 1.04bn in 2022, compared to EGP 604 in 2021. Net income from interest, fees, and commissions increased to EGP 2.2bn, compared to EGP 1.7bn.
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