Suez Canal Bank net profit rises 12% in Q1 2019

CAIRO – 16 May 2019: The Suez Canal Bank net profits increased 12 percent in the first quarter of 2019, to reach LE 129 million, up from LE 115 million in the same period last year.

The rise is attributed to some core operations, including a 36 percent increase in fees income, Suez Canal Bank Chairman and Managing Director Hussein Refaai said Wednesday in a statement, of which MENA received a copy.

The bank’s loan portfolio soared five percent, to hit LE 14.2 billion in March 2019, up from LE 13.5 billion in December 2018.

In the meantime, Refaai announced the launch of the smart wallet service (SCB E-WALLET), which provides innovative and swift payment solutions for customers.