Suez Canal Bank released its results for the first half of 2011, reporting net income of LE 53.4 million ($9m), up 69 per cent on the same period last year.
The strong surge of the bank was put down to a complete lack of necessary provisions for bad loans 1H/2011, versus LE146.6m of provisions in 1H/2010.
Total assets dropped 5 per cent in the year to date, down to LE15.2bn. The net loan book was flat at LE5.5bn.
Customer deposits came off 13 per cent year-on-year to LE10.9bn.
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