Egypt's Ahly to host Esperance behind closed doors in Champions League    Don't miss Romeo and Juliet ballet shows at the Cairo Opera House    Neighbourhood watch    The hawks gather    Sudan asks UN Security Council to hold session over GERD dispute    Finding a new life through therapy    Iraq in mess, so its water policy    Slowing down China's growth    Egypt opens its first anaerobic gasification unit    Egypt, South Sudan discuss GERD updates, regional water issues    Extended Egyptian-Indian relations tell of warm, friendly bond: Indian Ambassador    Egypt plays key role in ensuring regional stability, sustainable development: Spanish Ambassador    Russia's deputy culture minister visits Giza Pyramids, praises ancient civilization    Egypt's Economic Ministerial Committee discusses measures to advance industry    The Greek voices of Alexandria    Egypt named 'Guest Country' at 2022 St Petersburg International Economic Forum    Mansoura Court issues preliminary death sentences to three defendants over murder of 5-year-old-child    HSBC earmarks funding to a coastal ecosystem restoration project in Egypt    Lebanon again raises price of bread amid crippling crisis    Egypt to launch Genration Next forum on Saturday to enhance entrepreneurship, start-ups    Egypt's stocks close mostly higher on Tuesday, benchmark EGX 30 surges 1.44%    Trade, tourism ministers discuss preparations for Egypt's participation in Expo Dubai 2020    Tawasol, LimeVest join race to acquire Egypt's Alexandria Medical Services    Egypt's freight start-up Trella raises $42m in Series A funding    Egypt's Planning Minister participates in high-level dialogue on MENA food security    Savola Foods, ASRT sign cooperation protocol to improve Egypt's health, wellbeing    Egypt puts final touches to Dubai Expo 2020 participation    Many injured as train rear-ended in Alexandria's Misr Station    Argentina beats Paraguay, secures Copa America knockout spot    In times of crises, Lebanon's old must fend for themselves    Suarez goal at Copa America ends Uruguay's scoring drought    Opinion| Ethiopia elections    Egypt accuses Ethiopia of using GERD crisis for political purposes    Egypt's Water Resources Minister in South Sudan for cooperation talks    Egypt should brace public-private partnership on comprehensive health insurance: Finance Minister    Rotterdam Film Festival closes extended, hybrid 50th edition    Arab Singing House opens applications for singing course    Netherlands battle Austria for group lead in Euro 2020    Portugal's Cristiano Ronaldo scores his 11th Euro goal beating previous record    Zamalek face Aswan in Egyptian Premier League    APO Group enters new exclusive agreement with Getty Images on African press releases and images    Egypt is on short list of partner countries for U.S. COVID-19 vaccines: embassy    Russia to resume charter flights to Egypt resorts in the coming days    Egypt's Sisi announces allocation of $500 million for reconstruction in war-wrecked Gaza    On International Museum Day, Egypt opens two new museums at Cairo Airport    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    Veteran Egyptian journalist Makram Mohamed Ahmed passes away at 86    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Suez Canal Bank's financial position scored EGP 45.3bn at end September: chairperson
Bank sold 12 of assets it obtained worth EGP 293m
Published in Daily News Egypt on 13 - 11 - 2018

The total financial position of the Suez Canal Bank jumped to EGP 34.3bn at the end of September 2018, up by EGP 5.3bn in December 2017, growing by 13.3%, according to Hussein Refaey, chairperson and managing director of the bank.
Refaey said that this increase was supported by deposits growing by 14% to EGP 35.7bn in September, up from 31.3% in December, marking an increase of EGP 4.3bn.
He added that the bank succeeded in boosting its loans portfolio by 21.1% to score EGP 12.4bn in September against EGP 10.2bn in December, fuelled by syndicated loans' hike by EGP 1.7bn to EP 4.8bn.
According to Refaey, the increase was realised in the second quarter (Q2) of this year, which reflected positively on the bank's profits, shown through net revenue from return growing by 19% in Q3 compared to Q2.
Net income from fees and commissions increased by 42% to EGP 156.5m in September from EGP 110.3m in December.
“Suez Canal Bank achieved a net profit of EGP 330.7m between January and September against EGP 301m in the same period last year, up by 10%," said Refaey.
He pointed out that the plan to restructure the portfolio of assets obtained by the bank to settle debts owed by its clients exceeded the plan, where the bank achieved major success in the past 18 months.
According to Refaey, the bank sold 12 assets worth EGP 293m based on a timely plan to dispose assets through selling or development in partners, to maximise benefit.
The bank developed a plan to recycle its portfolio of direct investments and maximise the return, and the bank already exited from two companies during the last 18 months, through which it made capital gains of EGP 32m. Dividends also grew by 196% in Q3 this year compared to the same period last year, he added.
“Suez Canal Bank plans to increase the number of its customers and increase awareness of the importance of financial inclusion through the issuance of smart banking products with competitive costs to attract more clients,” he said.
Refaey elaborated that the bank is preparing to launch an e-wallet to attract more clients, given its capabilities in paying bills and transfer funds. This is part of the bank's plan to automate electronic payments and limit cash transactions.
He pointed out that the bank opened three new branches in 2018 to reach 41 branches, adding that the bank is expanding and developing existing branches, as well as spreading ATMs to achieve optimal geographical coverage.


Clic here to read the story from its source.