Egypt: Suez Canal Bank logs $36.79mln net profits in H1-24

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Suez Canal Bank recorded consolidated net profits amounting to EGP 1.80 billion in the first half (H1) of 2024, compared to EGP 628.04 million in H1-23.

Net interest income reached EGP 2.54 billion as of 30 June 2024, up year-on-year (YoY) from EGP 1.48 billion, according to the financial statements.

During the first six months (6M) of 2024, the earnings per share (EPS) grew to EGP 3.18 from EGP 1.11 in the year-ago period.

Total assets hiked to EGP 139.09 billion at the end of June 2024 from EGP 102.93 billion as of 31 December 2023, while the customers’ deposits increased to EGP 99.08 billion from EGP 73.64 billion.

Income statements for Q2

In the second quarter (Q2) of 2024, the bank logged net profits worth EGP 1.19 billion, compared to EGP 377.17 million in Q2-23.

EPS widened to EGP 2.11 in Q2-24 from EGP 0.66 a year earlier, while the net interest income enlarged to EGP 1.45 billion from EGP 774.68 million.

As of 31 March 2024, the lender posted higher net profits at EGP 611.24 million, compared to EGP 250.86 million in the year-ago period.