Suez Canal Bank reports 120.51% YoY profit surge in 2023

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The bank recorded net profits of EGP 2.293 billion last year, compared to EGP 1.040 billion a year earlier

Staff Writer, Arab Finance

February 29, 2024

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Suez Canal Bank (CANA) posted a 120.51% year-on-year (YoY) increase in net profits during 2023, according to the financial income statement filed to the Egyptian Exchange (EGX) on February 29th.

The bank recorded net profits of EGP 2.293 billion last year, compared to EGP 1.040 billion a year earlier.

Meanwhile, net interest income rose to EGP 3.249 billion from EGP 1.890 billion.

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.

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