Suez Canal Bank: Net profit surges 11% in 2020

Egypt’s Suez Canal Bank reported on Monday an 11 percent year-on-year increase in its net profit after tax to 601.664 million Egyptian pounds ($38.3 million) in 2020.

In 2019, the bank made a net profit of 542.206 million pounds.

Net interest income recorded 1.553 billion pounds approximately at the end of 2020, up from 1.245 billion in 2019.

Customers’ deposits also rose to 44.343 billion pounds at December-2020, compared with 44.181 billion pounds at December-2019.

Total assets grew to 54.319 billion pounds in 2020 from 52.016 billion pounds in 2019.