Daily News Egypt

Suez Canal Bank achieves 24% growth in net profit before appropriation - Daily News Egypt

Advertising Area

Advertising Area

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

Bank records 11% growth in loan portfolio in September 2020


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.

The bank’s investments in treasury bills and government securities amounted to about EGP 7.577bn in September 2020, compared to EGP 8.535bn in December 2019, while the bank’s balances at the Central Bank of Egypt recorded about EGP 2.381bn, compared to EGP 2.065bn.

Topics: Suez Canal Bank

Advertising Area

https://dailyfeed.dailynewsegypt.com/2020/11/16/suez-canal-bank-achieves-24-growth-in-net-profit-before-appropriation/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe