SCB records higher net profits

Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, announced a significant increase in the bank’s net profits, reaching EGP 611 million in March 2024. This marks a remarkable surge of 144% compared to the EGP 251 million recorded in March 2023. El Maghraby attributed this outstanding performance to a robust 54% increase in net income, which rose to EGP 1.091 billion in March 2024, up from EGP 707 million in the previous year.

The bank’s overall financial position also saw a notable improvement, with a 32% increase to EGP 136 billion in March 2024, a substantial rise from EGP 102.9 billion in 2023. This advancement was primarily driven by a 27% increase in customer deposits, totaling EGP 93.6 billion, and an 18% increase in the net loan and customer facilitation portfolio, reaching EGP 39.8 billion.

El Maghraby highlighted a 24% increase in the net loan portfolio dedicated to corporate clients, reaching EGP 32.7 billion in March 2024, compared to EGP 26.4 billion in 2023. He emphasised that this growth was fueled by diversified investments across key sectors, including agriculture, contracting, financial services, real estate, and tourism, aiming to mitigate risks and expand the bank’s clientele.

Moreover, El Maghraby noted a 10% growth in the net retail banking portfolio, reaching EGP 4.1 billion in March 2024, up from EGP 3.7 billion in 2023. The bank also observed an increase in the net portfolio for small, medium, and micro-enterprises, rising to EGP 7.5 billion from the previous EGP 6.9 billion.