saib Tops fastest growing banks in net interest income during 2022

saib was able to achieve a distinguished performance during the past year, pushed it to top the list of First Bank of the fastest growing banks in net interest income, after it increased by 69.7% during 2022.

Saib’s acquisition of the first place comes after its net interest income increased to record EGP3.53 bn in 2022, compared to EGPA2.08 bn during the same period in 2021.

Due to the increase in Return On Loans and similar revenues by about 49.34%, to reach EGP9.37 bn in 2022, compared to EGP 6.27 bn during the same period in 2021, an increase of EGP3.1 bn.

The increase in return on loans and similar revenues came mainly from the increase in the bank’s returns from loans and facilities to customers, by 91.63%, to reach EGP5.78 bn in 2022, compared to EGP3.01 bn in 2021, an increase of EGP 2.76 bn.

It is worth noting that the bank did not achieve any return from loans and facilities to banks during 2022, as it did not grant any loans or facilities to them during the past year, unlike 2021, when it achieved EGP 6.46 mn at that time.

Return On Deposits and current accounts with other banks also increased, jumping by 81.01%, to reach EGP 1.05 bn in 2022, compared to EGP 582.67 mn in 2021, an increase of EGP472.03 mn.

While return on bills and bonds declined to EGP2.54 bn in 2022, compared to EGP2.67 bn in 2021.

In terms of expense on deposits and similar expenses, it increased by 39.21%, to reach EGP5.84 bn in 2022, compared to EGP4.19 bn in 2021, an increase of EGP 1.64 bn.

The increase in expense of deposits and similar expenses came mainly from the increase in deposits and current accounts for customers from EGP4.10 bn in 2021, to EGP5.69 bn in 2022, achieving a growth rate of 38.66%, and an increase of EGP1.59 bn.

The increase in deposits and current accounts of banks played a major role, as it rose to EGP 43.33 mn in 2022, compared to EGP33.23 mn in 2021, achieving a growth rate of 30.42%, and an increase of EGP10.11 mn.

As for expense of deposits and similar expenses of other loans, they increased by 70.65% to EGP93.2 mn in 2022, compared to EGP54.61 mn in 2021, an increase of EGP38.59 mn.

While expenses of deposits and similar costs from selling financial instruments with a commitment to repurchase reached EGP 8.34 mn during 2022, unlike 2021, as there was no expense to the bank in this item, so that net interest income recorded EGP 3.53 bn, over the past year.