Suez Canal Bank reached EGP 57.4bn by the end of 2021, compared to 2020’s EGP 54.4bn, achieving a 6% growth rate, despite the continued precautionary measures and initiatives adopted by the Central Bank of Egypt (CBE).
Hussein Rifai, the Chairperson and Managing Director of the Suez Canal Bank, added that the bank was also able to achieve a profit of EGP 605m, which is the same as what was achieved last year.
Customer deposits also increased by 14% to reach EGP 50.6bn, up from EGP 44.3bn and the bank managed a 30% growth rate in the loan and facilities portfolio for customers to reach EGP 23bn by the end of 2021, compared to the previous year’s EGP 17.8bn.
Their syndicated loan portfolio increased from 2020 by 27% to reach EGP 8.2bn, coming as a result of the bank’s participation in arranging many loans in strategic sectors, including petroleum, real estate development, contracting, and food and steel industries, with effective alliances with other banks.
The bank’s total personal loan portfolio witnessed a growth of 48%, reaching EGP 1.789bn, and their portfolio of small- and medium-sized enterprises increased by the end of 2021 to reach EGP 2.3bn in direct and indirect financing, including EGP 1.5bn in direct financing, up by 13%.
Suez Canal Bank also opened the Smash Club and Arkan branches as part of their strategy to develop and rehabilitate branches and keep pace with the developments of modern technology. They also renovated many of their branches, to better cater for VIP customers, providing them a unique banking.
