The Suez Canal Bank announced in a statement on Tuesday that it achieved a net profit of EGP 96m at the end of March 2022, compared to EGP 116m in March 2021.
The bank explained that despite the increase in operating revenues by 8%, compared to the first quarter (1Q) of 2021, some non-recurring revenues in the year before led to a decrease in profits.
The bank also achieved a 3% increase in net income from returns and income from fees and commissions to reach EGP 452m, compared to EGP 440m, supported by an increase in fees and commissions income by 20%, reaching EGP 79m, up from EGP 66m.
Furthermore, the bank’s total financial position increased to EGP 62bn, up from December 2021’s EGP 57bn — a growth rate of 8% — supported by an increase in customer deposits by 6.5% to reach EGP 54bn, compared to EGP 51bn.
The bank also managed to increase its net loan portfolio and customer facilities with a growth rate of 9% to reach EGP 25bn, up from EGP 23bn. This was accompanied by an increase in employment rates, bringing the ratio of net loans to deposits to 46.8% by the end of March 2022, compared to 45.6%.
