Suez Canal Bank reports net profits of EGP 377m in September 2021

Daily News Egypt
3 Min Read

The Suez Canal Bank’s (SCB) business results showed an increase in the bank’s total financial position to record EGP 57bn in September 2021, compared to EGP 54bn in December 2020, achieving an increase of EGP 3bn with a growth rate of 5%.

The bank also achieved a net profit growth of 6% to reach EGP 377m in September 2021, compared to EGP 356m in September 2020, supported by an increase in fee and commission income, with a growth rate of 14%.

Customer deposits in the bank increased by 10% to reach EGP 49bn in September compared to EGP 44bn in December 2020, and the bank succeeded in increasing the net loan portfolio and customer facilities with a growth rate of 20% to reach EGP 21bn in September 2021, compared to EGP 18bn in December 2020.

The corporate loan portfolio recorded a growth rate of 18% to reach EGP 22bn compared to EGP 19bn at the end of December 2020, including an increase in the SME portfolio by 14%. The personal loan portfolio recorded a 30% growth to reach EGP 1.6bn compared to EGP 1.2bn at the end of December 2020.

Within the framework of the new products, the bank launched the SCB ELITE VIP package, which offers many banking and non-banking benefits such as accounts, loans, savings vessels, platinum debit and credit cards, electronic services, SCB Concierges and roadside assistance. This came in conjunction with the modernization of many branches, including Al-Orouba and Garden City branches, with the provision of designated places for the bank’s major customers.

The My Points programme was also launched for Suez Canal Bank customers when using credit cards, direct debit cards and prepaid cards, and redeeming points in many shops in the Egyptian market.

The portfolio of sukuk and securitization bonds was increased by 30% to reach EGP 3.6bn in September 2021, compared to EGP 2.8bn in December 2020, after the bank succeeded in obtaining a license to practice the activity of promoting and covering subscriptions in securities from the Financial Regulatory Authority in the middle of last year.

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