Suez Canal Bank Posts EGP 1.3Bn In Q1 Profits, Doubling Year-On-Year

(MENAFN- Daily News Egypt) Suez Canal Bank reported net profits of EGP 1.3bn for the first quarter (Q1) of 2025, more than double the EGP 600m recorded in the same period last year-an impressive year-on-year growth of 114.4%.

CEO and Managing Director Akef El Maghraby attributed the performance to a 54% rise in net interest income, which climbed to EGP 1.7bn from EGP 1.1bn in Q1 2024.

The bank's total assets increased by 12.8% year-on-year, reaching EGP 203bn in March 2025, up from EGP 180bn. This was underpinned by an 11.7% increase in customer deposits, which rose to EGP 151bn from EGP 135bn.

The bank's net loan and customer facilities portfolio also expanded, growing by 15.4% to EGP 86bn, compared to EGP 75bn in 2024. Corporate lending led the charge, up 15.7% to EGP 80.7bn, driven by diversified financing across sectors such as agriculture, construction, financial services, real estate, and tourism-an approach aimed at risk distribution and client diversification.

Retail banking also maintained strong momentum, with net retail loans increasing by 13.3% to EGP 6bn, up from EGP 5.3bn.

During its general assembly on March 16, 2025, the bank approved the distribution of EGP 3.5bn in bonus shares from its 2024 profits. The move raised the bank's paid-in capital to EGP 10bn, strengthening its capital base and expanding its capacity to support larger-scale investments and meet customer demand.

Suez Canal Bank continued to build on its strategic pillars during Q1 2025, including expanding into key economic sectors, enhancing institutional and project finance, and supporting the Central Bank of Egypt's initiatives and Egypt Vision 2030. The bank also advanced its digital transformation strategy, introducing new solutions to better serve its growing and diverse customer base.

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