saib's net profit grows by 22.14%, records EGP171 mn during Q1-2023

The unaudited financial statements of saib, which ended on March 31, 2023, revealed an increase in the bank’s net profits at a growth rate of 22.14%, to record EGP 171 mn, ($5.561 mn) during the first quarter of 2023, compared to EGP139.998 mn, ($7.679 mn) during the same period of 2022.

Pre-taxes profits increased by a growth rate of 34.13% and an increase of EGP 1 mn during the first three months of this year, to record EGP 305.316 mn, ($9.929 mn) during the first quarter of 2023, compared to EGP227.619 mn, ($12.486 mn) during the same period of the previous year.

Interest income increased at a growth rate of 57.83%, to record EGP 2.710 bn, ($88.116 mn) during the first quarter of 2023, compared to EGP 1.717 bn, ($94.206 mn) during the first quarter of 2022, an increase of EGP 993 mn.

At the level of the bank’s financial position list, total customer deposits increased by a growth rate of 13.97% and an increase value of 10.2 bn, to record EGP82.822 bn, ($2.693 bn) by the end of March 2023, compared to EGP72.667 bn, ($2.946 bn) by the end of December 2022.

While its total customer and bank loans increased by a growth rate of 9.31% during the first quarter of this year, to reach EGP 45.557 bn, ($1.482 bn) at the end of March 2023, compared to EGP 41.675 bn, ($1.689 bn) at the end of December 2022, an increase EGP 3.9 bn

Retained earnings increased at a growth rate of 40.07%, an increase of EGP678 mn during the first quarter of this year, to record EGP2.370 bn ($77.076 mn) at the end of March 2023, compared to EGP1.692 bn ($68.579 mn) at the end of 2022.