Suez Canal Bank records a profit of 356M

CAIRO – 12 March 2018: Suez Canal Bank recorded a net profit of LE 356 million in 2017, compared to LE 210 million the prior year, with a 69.5-percent increase.

The bank’s financial indicators showed that customer deposits rose 30 percent to amass LE 31.3 billion last year, compared to LE 24.1 billion in 2016.

Net loans increased to 10.2 billion by the end of 2017, compared to LE 8.6 billion in 2016, according to the financial indicators.

The bank’s budget was LE 39.96 billion in 2017 up from LE 31.43 billion in 2016, with a 27.1-percent increase.

The bank said earlier that it will allocate about LE 152 million as a risk reserve of International Financial Reporting Standard 9 (IFRS 9) for 2017 profits to be in accordance with the Central Bank of Egypt’s (CBE) instructions.

Suez Canal Bank is a public company, listed on the Egyptian Exchange (EGX) since September 1982.

It operates within the banking sector focusing on diversified banks. It has 16 subsidiaries operating across Egypt and Poland. Suez Canal Bank is based in Cairo, Egypt and was established in March 1978.