Suez Canal Bank approves bonus shares worth $69mln
Egypt - The Ordinary General Assembly of Suez Canal Bank has approved the profit distribution plan for the 2024 fiscal year, which includes issuing bonus shares worth EGP 3.5bn at a rate of 0.53 shares per existing share.
This will increase the bank's issued capital from EGP 6.5bn to EGP 10bn.
The Ordinary and Extraordinary General Assemblies were chaired by Amr Tantawy, Chairperson of the Board, and attended by Akef El Maghraby, CEO and Managing Director, alongside board members and shareholders. Shareholders were able to participate electronically through an online voting system.
During the Extraordinary General Assembly, members approved amendments to the bank's Articles of Association, including an increase in authorized capital to EGP 15bn and an adjustment of the issued and paid-up capital to EGP 6.5bn, distributed over 650 million shares at a nominal value of EGP 10 per share. The assembly also approved amendments to seven other articles.
Amr Tantawy
Following this, the Ordinary General Assembly convened and approved the Board of Directors' report on the bank's financial performance and activities for the fiscal year ending 31 December 2024. The financial statements and related disclosures were ratified, along with the proposed profit distribution plan. The assembly also discharged the Chairperson, CEO, and board members from liability for their activities during the fiscal year and approved changes in the board's composition since the last Ordinary General Assembly meeting on 31 March 2024. Additionally, the assembly authorized the CEO and Managing Director to oversee asset sales and sign necessary contracts, with the ability to delegate authority as needed. The board also determined allowances for its members for 2025, set donation limits for the year, and appointed external auditors while finalizing their fees.
Suez Canal Bank reported a record-breaking financial performance in 2024, with net profits reaching EGP 5.7bn, reflecting a 148% increase compared to 2023. Total assets surged by 75%, rising to EGP 180.2bn from EGP 103bn. Deposits also saw significant growth, climbing by 84% to EGP 135.5bn from EGP 73.6bn, while the net loan and credit facilities portfolio expanded by 122% to EGP 74.9bn from EGP 33.8bn. These results underscore the bank's strong financial strategy and sustained growth trajectory.
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