Suez Canal Bank achieves 24% growth in net profit before appropriation

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The Suez Canal Bank (SCB) achieved 24% growth in net profit before appropriation, reaching EGP 615m in September 2020, up from EGP 497m in September 2019, supported by 26% net interest income increase and 11% growth in net revenue.

The bank also increased its loan and facilities portfolio by 11%, to reach EGP 17.1bn in September 2020, compared to EGP 15.4bn in December 2019.

In a statement, the bank said that the personal loan portfolio witnessed remarkable growth during the first nine months of this year, compared to 2019. It rose by 62% to reach EGP 800m.

The bank also managed to increase its SME loan portfolio by 25%, to reach EGP 1.3bn in September 2020, as well as the syndicated loan portfolio to EGP 6.2bn, with a growth rate of 8%.

The bank’s financial statements revealed that total customer deposits recorded EGP 43.212bn in September 2020, compared to EGP 44.181bn in December 2019.

The bank’s total assets stood at about EGP 50.150bn in September 2020, down from EGP 52.016bn in December 2019.

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