Suez Canal Bank, chaired by Hussein El-Refaie, achieved a net profit of EGP 356m at the end of 2017, up by 70% from 2016.
The bank’s performance indicators in 2017 showed that net revenues increased to EGP 1.01bn, up by 25.2% compared to 2016. Net revenues from activities also reached EGP 1.3bn, up by 26.2%, while return on equity scored 16%, up by 46%.
The bank’s financial statements also showed that the total budget rose to EGP 40bn in 2017, up by EGP 8.6bn from 2016, marking an increase of 27%.
The bank’s total customer deposits at the end of December 2017 registered EGP 31.1bn, up by 30% from 2016. Net loans and facilities increased to EGP 10.2bn from EGP 8.6bn, up by 18.6%.
Non-performing loans declined by the end of 2017 to 38.1% of total loans, compared to 52.43% in 2016, which reflects improvement in the portfolio.
Suez Canal Bank, under its new management, added the retail sector to the bank’s departments at the end of 2017 to diversify its products. It also added a small and medium enterprises financing department in line with the state’s effort to support that sector.