Cairo – Mubasher: Suez Canal Bank posted an 11.54% year-on-year increase in its profits for the first quarter of 2019.

Net profits stood at EGP 128.57 million in Q1-19, compared to EGP 115.27 million in Q1-18, according to the bank’s statement to the Egyptian Exchange (EGX) on Wednesday.

Net income of the Egypt-based lender hiked 39.36% to EGP 370 million during the first three months of 2019, against EGP 265.5 million in the same period of the prior year.

In 2018, Suez Canal Bank achieved a net profit of EGP 420.19 million.