Cairo – Mubasher: Suez Canal Bank on Monday posted an 18% year-on-year increase in profits for the fiscal year 2018.
The Egypt-based lender achieved a net profit of EGP 420.19 million in the 12-month period ended 31 December 2018, versus EGP 355.77 million in 2017, according to a statement to the Egyptian Exchange (EGX).
The bank’s net income fell to EGP 963 million last year from EGP 1.01 billion in 2017, the statement added.
Suez Canal Bank previously reported a 9.7% year-on-year increase in profits for the first nine months of 2018.
Net profit reached EGP 330.7 million in the nine-month period ended September 2018, versus EGP 301.3 million in the corresponding period of 2017.
Net income retreated to EGP 666.5 million at the end of September, versus EGP 791.5 million in the same period of 2017.
