The Financial Regulatory Authority (FRA) granted its nod for Suez Canal Bank to proceed with the capital raise measures.

The EGX-listed lender plans to increase its issued and paid-up capital by EGP 400 million to EGP 5 billion from EGP 4.60 billion, according to a bourse disclosure.

Meanwhile, the capital hike amount will be distributed over 40 million shares at a nominal value of EGP 10 per share.

In the first quarter (Q1) of 2023, Suez Canal Bank achieved net profits after tax worth EGP 250.86 million, higher year-on-year (YoY) than EGP 96.27 million.

Net income jumped to EGP 707.24 million in Q1-23 from EGP 373.04 million in Q1-22, while the basic earnings per share (EPS) widened to EGP 0.62 from EGP 0.24.

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