Suez Canal Bank’s board has approved increasing its issued and paid-up capital by EGP 400 million, or 40 million shares, via the distribution of bonus shares, according to a statement sent to the Egyptian Exchange (EGX) on July 11th.

Thus, the bank’s capital shall increase to EGP 5 billion from EGP 4.6 billion.

It is worth noting that the bank posted earlier a 160.58% year-on-year (YoY) increase in net profits for the first quarter (Q1) of 2023.

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, administrative, and consultative services.

 

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