Chairperson and Managing Director of the Suez Canal Bank Hussein Refaie said that the bank increased its issued and paid-up capital from EGP 2bn in 2019 to EGP 5bn in 2023, despite the challenges that faced the bank and the whole world during the last period. The bank’s capital increase comes in line with the Central Bank of Egypt’s decision to increase bank capitals.
Refaie explained that the bank decided to distribute bonus shares to shareholders at a value of EGP 200m in 2019, and repeated the process for the next 4 years, as follow: it distributed bonus shares at EGP 704.3m in 2020, EGP 695.7m worth of bonus shares in 2021, EGP 1bn worth of bonus shares in 2022, and EGP 400m worth bonus shares in 2023 pending the approval of the administrative and oversight authorities. The General Assembly agreed on 13 August 2023 to distribute bonus shares at a value of EGP 400m.
According to Refaei, these increases, amounting to EGP 3bn, were made from the bank’s profits achieved during the period from 2017 to 2022, as they contributed to increasing the capital by an increase of 150%, pointing out that these profits were achieved as a result of the work to strengthen the bank’s infrastructure, and adding a new visual identity for the branches, restructuring, and development of the bank’s products, with the addition of new products that contributed to the growth of activity, and as a natural result of the sincere efforts of the employees.