Suez Canal Bank Achieves Remarkable 188% Profit Growth, Reaching EGP 1.8Bn In June 2024

(MENAFN- Daily News Egypt) Akef El-Maghraby, CEO and Managing Director of Suez Canal Bank, announced impressive financial results for the bank. In June 2024, net profits surged to EGP 1.8bn, a substantial increase from EGP 628m in June 2023-a remarkable growth rate of 188%. This surge was bolstered by a 72% rise in net income from returns, reaching EGP 2.5bn in June 2024, compared to EGP 1.5bn in the same period last year.

The bank's total assets also saw significant growth, reaching EGP 139bn in June 2024, up from EGP 103bn in 2023. This expansion was fueled by a 35% increase in deposits, which reached EGP 99.1bn, compared to EGP 73.6bn previously.

El-Maghraby highlighted the bank's success in expanding its net loan portfolio and customer facilities. By June 2024, the net loan portfolio stood at EGP 37.3bn, up from EGP 33.8bn in 2023. The corporate loan portfolio grew by 9.5% to EGP 33.9bn, attributed to diversified financing across sectors such as agriculture, construction, financial services, real estate, and tourism.

Furthermore, the retail banking portfolio surged by 23%, reaching EGP 4.3bn in June 2024, compared to EGP 3.5bn in 2023.

To strengthen its capital base, the bank adjusted its authorized capital listing on the Egyptian Stock Exchange to EGP 10bn on July 17, 2024. This move facilitates increasing the bank's capital to EGP 6.5bn, following a general assembly decision to raise the issued capital by 30% through the distribution of bonus shares worth EGP 1.5bn to shareholders.

In pursuit of expansion, the bank recently inaugurated its newest branch in New Alamein City, bringing the total number of branches to 51 in June 2024. This expansion underscores the bank's commitment to exceptional banking services nationwide.

Suez Canal Bank is also accelerating digital transformation. It established a Digital Transformation Department to enhance customer experience through innovative solutions and applications. Additionally, the bank introduced a Global Transaction Banking (GTB) department, offering a diverse range of banking services.

The bank's outstanding performance earned it prestigious accolades. Forbes listed it among the 50 strongest publicly traded companies in Egypt for 2024, and it made its second consecutive appearance on the Financial Times list of Africa's fastest-growing companies. Euromoney magazine recognized the bank with the“Rising Star” award for 2024.

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