saib Egypt recorded a composite growth rate of 49.14% in all its activities that included net profits, deposit

Analysis

Saib grows by 49.14% during 2022 On First bank’s Composite Growth Index.

3/27/2023 12:17:00 PM

saib Egypt recorded a composite growth rate of 49.14% in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio During 2022, according to its latest separated financial results.

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure by the end of 2022.

saib was able to achieve positive results in all four sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), led by net profit that recorded a growth rate of 137.15% to record EGP 743.924 mn by end of 2022, compared to EGP 313.696 mn at the end of December 2021 with an increase of EGP 430.228 mn.

Furthermore, the bank's Total loans came in second place by 22.21% to record EGP 41.67bn at the end of December 2022, compared to EGP 34.10 bn at the end of December 2021 with an increase of EGP 7.57 bn

In addition, asset portfolio jumped by 20.63%, to reach EGP 86.08bn at the end of December 2022 compared to EGP71.36bn at the end of 2021, with an increase of EGP14.72bn.

The bank’s deposits portfolio jumped to EGP72.667 bn by end of 2022, compared to EGP 62.332 bn by the end of 2021, achieving a growth rate of 16.58%, and an increase of EGP 10.334 bn.