Egypt: Suez Canal Bank unveils issued-capital hike to $127.8mln

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The lender is set to raise its capital by EGP 1.50 billion financed from the shareholders' share in the distribution of profits for the year that ended on December 31st 2023

Staff Writer, Arab Finance

December 30, 2024

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Suez Canal Bank (CANA) decided to increase its issued capital from EGP 5 billion to EGP 6.5 billion, according to a bourse disclosure on December 30th 2024.

The lender is set to raise its capital by EGP 1.50 billion financed from the shareholders' share in the distribution of profits for the year that ended on December 31st 2023.

The increased amount will be distributed over 150 million bonus shares with a nominal value of EGP 10 per share.

In the first nine months (9M) of 2024, Suez Canal Bank logged net profits valued at EGP 3.121 billion, higher by 130.07% year-on-year (YoY) than EGP 1.357 million.

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