Hussein Refaey, Chairperson and Managing Director of the Suez Canal Bank, said that the bank’s profits exceeded the EGP 1bn barrier for the first time in the bank’s history, reaching EGP 1.040bn, compared to EGP 605m in 2021, achieving a growth rate of 72%.
He explained that this increase in profits was supported by an increase in net activity revenues by 46%, as net income from revenue increased by 24% to reach EGP 1.9bn in 2022, compared to EGP 1.5bn in 2021, and net income from fees and commissions increased by 10%. 57%, to reach EGP 296m, compared to EGP 189m.
The return on average equity increased to 21% by the end of 2022 compared to 14.6% in 2021, and the return on average assets increased to 1.6% compared to 1.1%.
According to Refaey, the financial position of the Suez Canal Bank increased by 30% to reach EGP 74.7bn by the end of 2022, compared to EGP 57.4bn by the end of 2021, supported by an increase in deposits by 30% to EGP 65.8bn, compared to EGP 50.6bn, and a net increase in loans and customer facilities portfolio by 28% to EGP 29.6bn, compared to EGP 23.1bn.
The bank’s total corporate loan portfolio increased by 25% to reach EGP 17.6bn by the end of December 2022, compared to EGP 14.1bn in December 2021. This growth in the loan portfolio came as a result of the diversification of funding for different sectors, such as agriculture, contracting, financial services, real estate, and tourism.
The total portfolio of syndicated loans increased by 17%, reaching EGP 9.6bn by the end of December 2022, compared to EGP 8.2bn in December 2021. This growth in the joint loan portfolio came as a direct result of the bank’s participation in arranging many loans, within strong banking alliances in strategic sectors, including petroleum, real estate development and contracting.
The small and medium enterprises (SMEs) portfolio also increased by 41% to EGP 2.1bn in December 2022, compared to EGP 1.5bn in December 2021.
The bank’s personal loan portfolio witnessed remarkable growth during 2022, increasing by 54%, to EGP 2.8bn, compared to EGP 1.8bn in 2021.
Refaey explained that within the framework of the new products launched by the bank during the year 2022, the ‘Beyond’ programme for youth has been launched. It offers many banking benefits, including a savings account for youth, a distinctive titanium debit card, new Islamic savings vessels, and a ‘WORLD’ credit card, along with the “Your Loan, Your Support” product for SMEs.
He added that the InstaPay instantaneous payments network has also been joined within the framework of the digital services provided by the bank, in addition to activating the CPS service to pay government receipts electronically, as well as increasing the number of ATMs to 110 machines distributed throughout the country.
Refaey indicated that within the framework of the bank’s strategy to develop the branch network, it opened the Sporting branch in a privileged location as an alternative to the Alexandria branch.
The Heliopolis branch was also renovated and reopened, combining modern design and modern technology to introduce customers to the bank’s products, with the renewal of the Sadat and Tenth of Ramadan branches to fit with the new brand identity of the bank.
