Suez Canal Bank Raises Net Income To EGP 440 Mln In 2012

Suez Canal Bank’s general assembly approved yesterday the financial statements for 2012 which reveal that the bank’s net return income reached EGP 440 million at the end of 2012, compared to EGP 352 million at the end of 2011, registering a growth rate of 25%.

The general assembly affirmed that the bank has a strong capital base which was reflected on the capital adequacy rate that reached 17.8% at the end of last year after implementing Basel II standards.

The bank’s business results in the last year reveal that the value of the bank’s assets rose 7.3% to reach EGP 17.1 billion at the end of 2012, compared to EGP 15.9 billion at the end of 2011. The return on assets before deducing provisions and taxes reached 1.51% at the end of last year, up from 1.04% at the end of 2011.

The deposit portfolio surged 13% to reach EGP 12.8 billion at the end of 2012, compared to EGP 11.3 billion at the end of 2011. The bank’s net income before deducting provisions and taxes hiked 60% to reach EGP 258 million at the end of 2012, compared to 161 million at the end of 2011.