Suez Canal Bank’s net profits grow 130% to EGP 3.1bn in September 2024
Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, has stated that the bank’s net profits increased to EGP 3.1bn in September 2024, compared to EGP 1.4bn in September 2023. The growth rate was 130%, supported by a 68% increase in net income from returns to EGP 3.9bn, compared to EGP 2.3bn.
The bank’s total financial position also increased by 43% to EGP 147.5bn in September 2024, compared to EGP 103bn in 2023, supported by a 46% increase in deposits to EGP 107.3bn, compared to EGP 73.6bn.
El-Maghraby also announced the bank’s success in increasing the net loan portfolio and customer facilities by 52% to EGP 51.3bn in September 2024, compared to EGP 33.8bn in 2023. The net corporate loan portfolio increased by 50% to reach EGP 46.4bn, compared to EGP 30.9bn.
Financing various sectors
The growth in the loan portfolio was the result of the diversification of financing for various sectors, such as agriculture, contracting, financial services, real estate, and tourism. This led to the distribution of risks and the diversification of the bank’s portfolio customers.
El-Maghraby also pointed out that the bank’s net retail banking portfolio increased by 39%, reaching EGP 4.9bn in September 2024, compared to EGP 3.5bn in late 2023.
Suez Canal Bank has achieved remarkable figures in the past six months. The bank’s authorized capital was amended on the Egyptian Stock Exchange to become EGP 10bn to strengthen the bank’s capital base, qualify it for growth and expansion, and enhance its ability to support large investments and meet customers’ growing needs.
Digital transformation department
To respond to changing market requirements, the Digital Transformation Department was established, and an ambitious digital strategy was developed to improve the customer experience.
The International Banking Operations Department (GTB) was also established to provide integrated banking services that contribute to developing companies and institutions’ businesses and enhance their growth in a competitive environment. It also aims to expand partnerships with many institutions and provide diverse financing solutions to support their growth plans.
Suez Canal Bank launched new savings products at competitive return rates for retail customers new products and services aim to enable customers to invest their savings. The bank is keen on enhancing its role in sustainability by providing a comprehensive range of green financing products, with preferential interest rates and flexible repayment plans, to meet the needs of customers interested in investing in sustainable initiatives.
To foster the bank’s Islamic products and support the Dokki branch for Islamic transactions, the bank launched a new set of products that comply with Islamic sharia to meet the needs of Islamic banking customers. A Fatwa Committee was also formed, with specialized experts on board to ensure that these products are compatible with Islamic Sharia and meet the needs and preferences of Islamic banking customers.
In line with CBE’s orientation to spread financial inclusion, it has intensified its presence in various governorates by opening three new branches including Shibin El Kom in Monufia, Zagazig in Sharqia, and New Alamein. The bank’s network of branches has reached 53 to date to ensure that the bank’s services and various products reach a larger segment of customers.
The bank also continued to install ATMs in various governorates to facilitate access to services.
Social responsibility
The bank has also reinforced its role in social responsibility by boosting participation in development initiatives in various fields, in line with the goals of sustainable development. This is in parallel with enhancing the culture of community participation and investment in human capital as an integral part of the bank’s success.
This was evident in Suez Canal Bank receiving several prestigious international honours and awards, most notably its inclusion for the fourth time in Forbes’ list of the 50 most powerful companies listed on the Egyptian Stock Exchange for the year 2024, and for the second time in a row in the Financial Times’ list of the fastest growing companies in Africa for the year 2024. It also received the “Rising Star” award from Euromoney magazine in 2024, in addition to receiving the “Best Bank in terms of Trade Finance in Egypt for the year 2024” award from the International Union of Arab Bankers, which further confirms the bank’s capabilities to expand growth and achieve more achievements in the coming periods.
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