Cairo – Mubasher: Suez Canal Bank achieved EGP 2.29 billion in net profit after tax during 2023, an annual growth from EGP 1.04 billion.
Net interest income amounted to EGP 3.24 billion as of 31 December 2023, marking a year-on-year (YoY) hike from EGP 1.89 billion, according to the annual financial results.
Additionally, the earnings per share (EPS) jumped to EGP 4.36 last year from EGP 1.98 in 2022.
The EGX-listed bank generated total assets valued at EGP 102.93 billion in 2023, up from EGP 74.66 billion a year earlier. Meanwhile, the customer deposits widened to EGP 73.64 billion from EGP 65.80 billion.
Capital Raise
The lender’s board members recommended increasing the authorised to EGP 10 billion from EGP 5 billion. The proposal is still subject to the approval of the extraordinary general meeting (EGM) scheduled for 31 March 2024.
In the January-September 2023 period, the net profits after tax of Suez Canal Bank reached EGP 1.35 billion, higher YoY than EGP 734.75 million.
