Suez Canal Bank announces substantial growth in net profits

Hossam Mounir
2 Min Read

Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, has declared a significant leap in the bank’s net profits, which soared to EGP 611m in March 2024. This figure represents a staggering 144% increase from the EGP 251m recorded in March 2023. El Maghraby attributed this impressive performance to a robust 54% escalation in net income, which climbed to EGP 1.091bn in March 2024, up from EGP 707m in the previous year.

The bank’s overall financial standing experienced a notable 32% enhancement, reaching EGP 136bn in March 2024, a substantial rise from EGP 102.9bn in 2023. This advancement was propelled by a 27% augmentation in customer deposits, which amounted to EGP 93.6bn, and an 18% uplift in the net loan and customer facilitation portfolio, which hit EGP 39.8bn.

El Maghraby reported that the net loan portfolio dedicated to corporate clients witnessed a 24% increase, achieving EGP 32.7bn in March 2024, a rise from EGP 26.4bn at the year’s end in 2023. He emphasized that this expansion was fueled by diversified investments across key sectors, including agriculture, contracting, financial services, real estate, and tourism. This strategic diversification not only mitigated risks but also broadened the bank’s clientele.

Furthermore, El Maghraby highlighted a 10% growth in the net retail banking portfolio, which reached EGP 4.1bn in March 2024, up from EGP 3.7bn in 2023. The bank also saw its net portfolio for small, medium, and micro-enterprises climb to EGP 7.5bn, marking an increase from the previous EGP 6.9bn.

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