State-owned Suez Canal Bank’s net profit rises 69.5% in 2017

Egypt’s state-run Suez Canal Bank reported Monday a 69.5 percent increase in its net profit to reach 356 million pounds in 2017 from 210 million pounds in 2016.

The bank’s financial indicators showed that customer deposits rose 30 percent to amass 31.3 billion pounds last year, compared to 24.1 billion pounds a year earlier.

Net loans increased to 10.2 billion by the end of 2017, compared to 8.6 billion pounds in 2016, according to financial indicators.

The bank’s budget was 39.96 billion pounds in 2017 up from 31.43 billion pounds in 2016, with a 27.1 percent surge.

The bank earlier said that it will allocate about 152 million pounds as a risk reserve of International Financial Reporting Standard 9 (IFRS 9) for 2017 profits to be in accordance with the Central Bank of Egypt’s (CBE) instructions.

Established in March 1978, Suez Canal Bank operates within the banking sector focusing on diversified banks. It has 16 subsidiaries operating across Egypt and Poland. Source: Egypt today