Suez Canal Bank agrees to increase the capital by 400 million pounds
Suez Canal Bank injects 400m EGP into the capital to reaching 5b EGP
Shrouq
The Board of Directors of the Suez Canal Bank announced the approval of pumping 400 million Egyptian pounds into its capital - by distributing bonus shares - in light of the Central Bank's approval of the board's project.
This increase entails an increase in the issued capital of the bank from 4.6 billion pounds to 5 billion pounds, representing the number of shares of 40 million shares, with a nominal value of 10 pounds per share.
EGP 5 billion
Thus, the bank complies with the minimum capital limit of EGP 5 billion, as approved by the new Central Bank and Banking System Law issued in September 2020.
The bank added that the approval of the bank’s capital increase came after the board considered the proposed distribution project to increase the bank’s capital within the limits of the authorized capital of 5 billion pounds, in light of the Central Bank’s approval issued on July 5, 2023.
bank’s capital
The bank’s capital was increased, according to the statement, by using the entire balance of the legal reserve formed until December 31, 2022, amounting to about 175.4 million pounds, and part of the profits withheld from previous years, amounting to 224.6 million pounds.
Thus, the total issued and paid-up capital of the bank becomes 5 billion pounds (within the limits of the authorized capital).
The Board agreed to authorize the Chairman of the Board of Directors and the Managing Director to take all necessary measures to implement this decision and proceed with the preparation procedures for holding the Ordinary General Assembly on August 13th.
Suez Canal Bank achieved total profits
Suez Canal Bank achieved total profits of EGP 251m at the end of March 2023, compared to EGP 96m at the end of March 2022, achieving a growth rate of 161%.
Supported by an increase in net income from returns by 90%, to reach 707 million pounds at the end of March, compared to 373 million pounds at the end of March 2022, as well as an increase in net income from fees and commissions by 228%, to reach 224 million pounds at the end of March 2023.
Suez Canal Bank
Suez Canal Bank is an Egyptian bank, an Egyptian joint stock company, established in 1978, according to Law No. 43 issued in 1974, and it is one of the private sector banks in Egypt. The bank provides financial services to its customers.
The Suez Canal Bank was established in 1978 in the city of Ismailia, east of Egypt, and the authorized capital at that time was 10 million pounds, and the paid-up capital was 2.5 million pounds, in 1982, the shares of the Suez Canal Bank were listed on the Egyptian Stock Exchange.
In 1983, a branch for Islamic transactions was opened in Dokki, and in 1998 the authorized capital was increased to 500 million pounds, and the paid-up capital to become 100 million pounds.
In 2002, the bank opened its first branch outside Egypt, in the Libyan capital, Tripoli. In 2007, the authorized capital was increased to two billion Egyptian pounds, and the paid-up capital to one billion Egyptian pounds.
