Suez Canal Bank achieves a 72% increase in net profits by the end of 2022, surpassing the one billion Egyptian pound mark for the first time in its history

Suez Canal Bank achieves a 72% increase in net profits by the end of 2022, surpassing the one billion Egyptian pound mark for the first time in its history, with achieving 30% growth in the total financial position and 28% growth in the loan portfolio and customer facilities by the end of 2022 compared to the previous year.

Hussein Refai, Chairman and Managing Director of the Suez Canal Bank, stated that the bank's total profits exceeded one billion Egyptian pounds for the first time in the bank's history, reaching 1,040 million Egyptian pounds, compared to 605 million pounds in the previous year, achieving a growth rate of 72%, supported by an increase in net activity revenues by 46%. As net income from returns increased by 24% to reach 1.9 billion Egyptian pounds by the end of 2022 compared to 1.5 billion Egyptian pounds at the end of 2021. Net income from fees and commissions also increased by 57% to reach 296 million Egyptian pounds by the end of 2022 compared to 189 million Egyptian pounds. By the end of 2021.

The return on average equity increased to 21% by the end of 2022, compared to 14.6% in the previous year, and the return on average assets increased to 1.6%, compared to 1.1% in the previous year.