Arab Finance: Suez Canal Bank (CANA) posted a 160.58% year-on-year (YoY) increase in net profits for the first quarter (Q1) of 2023, according to the financial income statement filed to the Egyptian Exchange (EGX) on May 30^th.

The bank recorded a net profit of EGP 250.867 million in Q1 2023, compared to EGP 96.274 million in Q1 2022.

Net interest income rose to EGP 707.246 million during the January-March period of this year, compared to EGP 373.047 million in the first three months of 2022.

Suez Canal Bank is an Egypt-based company engaged in providing corporate, retail, and investment banking products and services.

The bank's range of banking products includes direct and indirect finance, loans, social funds, deposits, savings, credit cards, issuance of letters of guarantee, and other Islamic banking services, in addition to technical, economic, financial, administrative, and consultative services.

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