Latest news with #AkefElMaghraby
Daily News Egypt
17-05-2025
- Business
- Daily News Egypt
Suez Canal Bank posts EGP 1.3bn in Q1 profits, doubling year-on-year
Suez Canal Bank reported net profits of EGP 1.3bn for the first quarter (Q1) of 2025, more than double the EGP 600m recorded in the same period last year—an impressive year-on-year growth of 114.4%. CEO and Managing Director Akef El Maghraby attributed the performance to a 54% rise in net interest income, which climbed to EGP 1.7bn from EGP 1.1bn in Q1 2024. The bank's total assets increased by 12.8% year-on-year, reaching EGP 203bn in March 2025, up from EGP 180bn. This was underpinned by an 11.7% increase in customer deposits, which rose to EGP 151bn from EGP 135bn. The bank's net loan and customer facilities portfolio also expanded, growing by 15.4% to EGP 86bn, compared to EGP 75bn in 2024. Corporate lending led the charge, up 15.7% to EGP 80.7bn, driven by diversified financing across sectors such as agriculture, construction, financial services, real estate, and tourism—an approach aimed at risk distribution and client diversification. Retail banking also maintained strong momentum, with net retail loans increasing by 13.3% to EGP 6bn, up from EGP 5.3bn. During its general assembly on March 16, 2025, the bank approved the distribution of EGP 3.5bn in bonus shares from its 2024 profits. The move raised the bank's paid-in capital to EGP 10bn, strengthening its capital base and expanding its capacity to support larger-scale investments and meet customer demand. Suez Canal Bank continued to build on its strategic pillars during Q1 2025, including expanding into key economic sectors, enhancing institutional and project finance, and supporting the Central Bank of Egypt's initiatives and Egypt Vision 2030. The bank also advanced its digital transformation strategy, introducing new solutions to better serve its growing and diverse customer base.
Daily News Egypt
10-05-2025
- Business
- Daily News Egypt
Suez Canal Bank completes EGP 5.8bn in Sharia-compliant sukuk issuances
The Suez Canal Bank has successfully completed two sukuk issuances totaling EGP 5.8bn, both compliant with Islamic Sharia principles. The bank acted as the coverage guarantor and payment agent in both transactions, reinforcing its growing role in the Islamic finance market. These issuances align with the bank's strategic objective to diversify its financial offerings and strengthen its footprint in the Islamic investment space. The first issuance, valued at EGP 3bn, was structured as Mudarabah (profit-sharing) sukuk for Aman for Project Financing. The proceeds will be used to finance the company's portfolio of Sharia-compliant investments, particularly targeting the microfinance and small finance sectors—key pillars of Egypt's financial inclusion agenda and sustainable development efforts. The second issuance, worth EGP 2.8bn, was structured under the Musharakah (partnership) model and will support the financing of the 'Bab Misr' urban development project. The initiative is spearheaded by Bab Misr for Urban Development, a subsidiary of Hassan Allam Construction. It marks the first Musharakah sukuk of its kind in Egypt, aimed at transforming the Upper Egypt Railway Station area—Egypt's largest rail hub—into a modern, mixed-use complex featuring residential, commercial, medical, and administrative facilities, along with parking and public services. Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, said the successful completion of these sukuk reflects the bank's proactive approach to expanding its financial and investment services. 'We provide a full suite of debt instrument services—from underwriting and coverage to advisory and structuring—tailored to meet the evolving financing needs of diverse sectors,' he noted. El Maghraby added that the bank has increasingly played a pivotal role in Egypt's debt instruments market, participating in numerous high-impact issuances across sectors such as education, consumer and real estate finance, microfinance, urban development, and social development. 'In 2024, we participated in 12 issuances totaling EGP 12.1bn. So far in 2025, we've been involved in four issuances worth EGP 7bn, taking on roles such as coverage guarantor, custodian, subscription recipient, and payment agent,' he said. 'This reflects both our expanding capabilities and the depth of expertise within our team.' Looking ahead, the Suez Canal Bank aims to deepen its presence in Egypt's debt capital market, focusing on sectors with high growth potential. The bank's investment strategy emphasizes value creation and comprehensive financing solutions that support broader economic development.
Zawya
24-03-2025
- Business
- Zawya
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.
Daily News Egypt
22-03-2025
- Business
- Daily News Egypt
Suez Canal Bank approves bonus shares worth EGP 3.5bn
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. 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.
Zawya
17-02-2025
- Business
- Zawya
Suez Canal Bank aims to become key player in Egypt's financial, banking sector: CEO & managing director
Egypt - Akef El Maghraby, CEO & managing director of Suez Canal Bank, has highlighted the bank's recent progress and ongoing transformation, which is designed to drive substantial growth. El Maghraby told Daily News Egypt that in 2024, Suez Canal Bank implemented key strategic initiatives to expand its operations, focusing on corporate banking, small and medium-sized enterprises (SMEs), and retail banking. This expansion is supported by a diverse range of innovative financial solutions tailored to effectively serve different customer segments. Capital base enhancement El Maghraby emphasised the strengthening of the bank's capital base, with the authorised capital increased to EGP 10bn. This enhancement contributes to the bank's growth and expansion, while also improving its capacity to support large investments and meet the growing needs of customers. Non-banking financial activities El Maghraby stated that the bank aims to be a leading force in Egypt's financial and banking sector, offering services in corporate finance, direct investment, investment banking, and non-banking financial services. By becoming a reliable partner for businesses and investors at both local and regional levels, the bank seeks to expand its influence. To achieve this, Suez Canal Bank plans to invest in robust entities within the non-banking financial services sector, either by establishing new firms or acquiring significant stakes in existing ones. This strategic approach will allow the bank to participate in key decision-making processes and add value to these companies. The bank's investment strategy includes launching or investing in financial arms specialising in non-banking financial services such as capital market activities, insurance, leasing, factoring, real estate finance, consumer finance, microfinance, brokerage, and financial advisory services. These encompass project financing, corporate restructuring, mergers and acquisitions, IPO promotion, underwriting, and securities management, including stocks, bonds, securitization, and Sukuk. Asset portfolio management efficiency Moreover, El Maghraby stressed that the primary objective of any investment is to improve the efficiency of managing the bank's portfolio of assets and investments, maximising their value and the return achieved on invested funds, in accordance with best management and governance practices. He noted that the bank aims to integrate the investment portfolio with the bank's other activities, such as corporate finance, financing of medium and small enterprises, trade finance, banking services, retail services, payment services and systems, and financial technology. This integration will be aligned with best practices to achieve added value at the level of the bank group as a whole. Digital transformation To stay ahead of market trends, the bank has established a dedicated digital transformation division. A comprehensive strategy is in place to expand digital banking services, improving operational efficiency and customer experience while maintaining high-security standards, in compliance with the Central Bank of Egypt's (CBE) directives and Egypt's Vision 2030. As part of this initiative, Suez Canal Bank recently introduced its mobile banking app, SCB Mobile Banking, offering customers a seamless digital experience with access to banking services anytime, anywhere. Urban development Furthermore, El Maghraby reaffirmed the bank's commitment to supporting urban development by providing flexible mortgage solutions with competitive interest rates to encourage homeownership. The bank actively participates in the CBE's mortgage initiative for low- and middle-income individuals, offering financing with annual interest rates of 3% and 8%. Suez Canal Bank also supports real estate development projects that add substantial value to the national economy. Recognising the real estate sector's vital role in economic growth, the bank continues to finance key projects that stimulate development across multiple industries. In October 2024, the bank established Anchors Real Estate Investment and Development Company, an Egyptian joint-stock company, in collaboration with Mint Real Estate Asset Management, a subsidiary of Ahly Sabour. With an authorized capital of EGP 200m, the bank holds a 40% stake in this venture. Akef El Maghraby Anchors Real Estate Investment successfully executed its first project, partnering with a major real estate developer in Egypt. This involved acquiring a portfolio of completed commercial units in Madinaty's craft zone and a commercial administrative land plot in Rehab City. The project aims to develop and manage an integrated commercial and administrative hub in these areas. El Maghraby highlighted that this investment is designed to create a platform for executing multiple real estate transactions in partnership with top developers. This approach will position the company for sustained growth and enable it to secure favourable financing terms, ultimately boosting its financial performance and long-term value. Investment portfolio El Maghraby pointed out that the bank managed to implement four divestments from several companies, within the framework of its strategy to restructure and recycle the investment portfolio. The bank also led several restructuring operations for the companies invested in, with the aim of reforming them and maximising their value. A number ofrestructuring operations ended with the acquisition of these companies by strategic investors. According to El Maghraby, the bank is currently seeking to implement a clear and comprehensive plan to restructure the investment portfolio through four key areas. These are divesting from investments held for long periods, or those that do not achieve appropriate returns, restructuring companies that face challenges from all operational, financial and administrative aspects, entering into new investments that are consistent with the bank's strategy and approved investment policy, and developing and updating the organisational and administrative framework and work policies and regulations to serve the achievement of the bank's strategic objectives. New financial products The CEO & Managing Director of Suez Canal Bank stated that the bank has launched new savings products for individual customers at competitive return rates. This aims to enable customers to invest their savings. He stressed that, at the same time, the bank is working to enhance its role in sustainability. It is doing that by providing a range of green financing products, with preferential interest rates and flexible payment plans, to meet the needs of customers interested in investing in environmentally friendly products. He added that in light of its interest in Islamic banking, the bank has launched a new range of products that are compatible with Islamic law, and a Sharia Fatwa Committee has been reconstituted, including specialised experts, to ensure that these products are compatible with the principles of Islamic law and meet the needs and preferences of Islamic banking customers. Expansion and geographical reach Suez Canal Bank continues to expand its presence across Egypt, recently opening new branches in Shebin El-Kom, Zagazig, and New Alamein, bringing its total branch network to 53. In 2025, the bank plans to open 10 additional branches in key locations, including New Cairo, Alexandria, Nozha, Damanhour, Beshtil Station, New Damietta, the Suez Canal Authority headquarters in Ismailia, Sohag, Ain Sokhna, and Safaga. Alongside this, the bank is actively expanding its ATM network to enhance accessibility, supporting financial inclusion in line with CBE directives and Egypt's Vision 2030. Sustainable development The CEO & Managing Director of Suez Canal Bank confirmed that the bank is continuing its efforts to achieve sustainable development goals and support Egypt's Vision 2030 by implementing a wide range of social responsibility initiatives. He also explained that the bank's efforts include health, education, social solidarity, support for people with disabilities, entrepreneurship and youth, women, sports, and culture. Suez Canal Bank has also issued its first GRI Sustainability Report, which reflects its commitment to transparency and responsibility in disclosing environmental and social activities, as well as assessing the current situation and developing an integrated plan and strategy to integrate sustainability into all operational activities. The bank also took a proactive step to measure the financed emissions of major customers to develop a plan to reduce the carbon footprint of the bank and its customers alike, in addition to the bank's progress with its ambitious plan that includes gradually converting the bank's buildings and branches to be environmentally friendly and training all employees on the main principles of sustainability. El Maghraby stressed that the bank continues to enhance its role in supporting the sustainable transformation in Egypt by expanding its green products portfolio, enhancing its investments in sustainable sectors, and supporting the green economy, in line with the state's goals and Egypt's Vision 2030 in the transition to a clean and sustainable environment. Suez Canal Bank also focuses on financing activities and projects that have a positive impact on the environment, including sustainable transportation, sustainable infrastructure, climate-smart agriculture, waste management, and renewable energy, in line with the state's goals and Egypt's Vision 2030. The bank has also made community contributions in the field of environmental sustainability, by incubating several environmental projects such as 'Neqabty – Plastka – VAIS' in the Suez Canal Bank's technology applications business incubator 'Launch SaaS.' It has also participated with a number of associations and institutions to design and implement environmentally friendly products that support women in the most underprivileged areas. Joint financing According to El Maghraby, the bank participated in financing MAFI for Agricultural Produce Industries with a share of $30m, Canal Sugar Company with EGP 300m and $13m (or its equivalent in euros), Arkan Palm Real Estate Investment with a share of EGP 150m, and Al-Marasem Development with a rotating speculation system with a share of EGP 150m. In addition, the bank participated as a guarantor of coverage for the issuance of the first sustainable social securitization bonds in Egypt worth EGP 190m. It also participated in establishing Anchors Real Estate Investment and Development Company with an authorized capital of EGP 200m, with a share in the company's capital of 40%. Furthermore, it participated in establishing Sawari Ventures Investment Fund with a share of EGP 50m, establishing Camel Ventures with a share of EGP 47m, and establishing Catalyst Capital Egypt Investment Fund with a share of EGP 50m. Awards and honours Suez Canal Bank's continuous efforts have been recognised through the receipt of many prestigious international honours and awards, most notably its inclusion for the fourth time in Forbes' list of the 50 most powerful companies listed on the Egyptian Stock Exchange (EGX) for 2024, and for the second time in a row in the Financial Times' list of the fastest-growing companies in Africa for the year 2024, which further confirms the bank's potential for expansion and growth.
