Suez Canal Bank’s profit down 11% in Q1

The Suez Canal Bank posted an 11 percent year-on-year (YoY) decline in its net profits during the first quarter of 2020 according to the consolidated financial statements.

The bank’s net profits fell to 114.35 million Egyptian pounds in the January-March period, compared to EGP 128.56 million in the corresponding period a year earlier, according to a bourse disclosure on Thursday.

Meanwhile, net income from interest, fees, and commissions increased to 422.21 Egyptian pounds million in the three-month period ended on 31 March, compared to  370 million Egyptian pounds in the prior-year period.

It is noteworthy to mention that in 2019, the bank’s net profits grew to 542.2 million Egyptian pounds from  420.19 million Egyptian pounds in 2018.