Suez Canal Bank 9-month net profit grows 10% y-o-y

Egypt’s Suez Canal Bank reported on Wednesday a 10 percent year-on-year growth in net profit for the first nine months of the year.

Net profit reached 364 million Egyptian pounds ($22.6 million) at the January-September 2019 period compared with 331 million pounds last year, chairman Hussein El Refaie said.

Financial position rose 5 percent to 50 billion pounds in September, El Refaie added.

He added that this leap had been induced by a 14 percent increase in the bank customers’ deposits to 44 billion Egyptian pounds in September 2019 from 38.6 billion pounds in December 2018.

The bank’s loans and facilities portfolio grew by 9 percent to around 14.7 billion pounds in September 2019 compared to 13.5 billion pounds in December 2018, El Refaie said.