Suez Canal Bank To Launch Three New Branches In 2013

Suez Canal Bank has received the Central Bank of Egypt’s (CBE) approval to launch three new branches this year to reach 33 branches, up from 30 branches.

Sources said the bank has not determined the places of the new branches yet and did not also decide whether it will launch a new Islamic banking branch or not.

The bank’s financial statements for the first nine months of 2012 ended on September 30th, 2012 showed that the surplus profit before provision surged 102.6% to reach EGP 124.9 million, compared to EGP 61.6 million at the end of September 2011.

The bank’s investments in T-bills rose to EGP 3.271 billion at the end of last September, compared to EGP 2.539 billion at the end of 2011.