Cairo – Mubasher: Suez Canal Bank on Sunday said that it will allocate about EGP 152 million as a risk reserve of IFRS 9 for 2017 profits to be in accordance with the Central Bank of Egypt’s (CBE) instructions.
The Egypt-based bank’s realised earnings stood at EGP 355 million in 2017, which assured its capability to be in line with the required application of IFRS 9 by the CBE, Suez Canal Bank highlighted in a statement to the Egyptian Exchange (EGX).
Regarding IFRS 9 impact on dividend distributions, the Egyptian lender indicated that the decision of dividend distributions will be proposed by the board of directors and approved by the general meeting’s members.
