Suez Canal Bank H1 net profit surges 8%

Egypt’s Suez Canal Bank reported on Sunday an 8 percent year-on-year growth in its net profit for the first half of the year driven by a surge in fee and commission revenue.

Net profit rose to 241 million Egyptian pounds ($15.3 million) at the end of June 2021, up from 224 million pounds in the same period last year.

Customers’ deposits also surged 4 percent year-on-year to 46.2 billion pounds at the end of June 2021, compared with 44.3 billion pounds at the end of December 2020.