Suez Canal Bank’s profits soar 143.7% YoY in Q1 2024

Suez Canal Bank’s (CANA) net profits after tax recorded a 143.7% year-on-year (YoY) increase in the first quarter (Q1) of 2024, according to the bank’s financial income statement.

The bank’s net profits came in at EGP 611.248 million in Q1 2024, up from EGP 250.867 million in Q1 2023.

Meanwhile, net interest income climbed to EGP 1.091 billion from EGP 707.246 million.

Suez Canal Bank is an Egypt-based company engaged in providing corporate, retail, and investment banking products and services.

The bank's range of banking products includes direct and indirect finance, loans, social funds, deposits, savings, credit cards, issuance of letters of guarantee, and other Islamic banking services, in addition to technical, economic, financial, and administrative.