saib has achieved strong growth in its asset portfolio during the current year, propelling it to the top of th

Analysis

saib top fastest-growing banks in Egypt in terms of Assets during Q1-2023

6/22/2023 9:43:00 AM

saib has achieved strong growth in its asset portfolio during the current year, propelling it to the top of the list of the fastest-growing banks in terms of asset size during the first 3 months of 2023.

saib's asset portfolio increased by 21.23%, reaching EGP 104.84 bn by the end of March 2023, compared to EGP 86.48 bn at the end of 2022, with an increase of EGP 18.36 bn.

The bank has performed well during the current year, as the bank's net profit increased by 22.31%, reaching EGP 172.15 mn during the first quarter of 2023, compared to EGP 140.75 mn during the same period in 2022, with an increase of EGP 31.41 mn.

Net interest income jumped to EGP 1.05 bn during the first quarter of 2023, compared to EGP 578.79 mn during the same period in 2022, representing a growth rate of 80.65% and an increase of EGP 466.78 mn.

Net fees and commissions income increased from EGP 111.87 mn during the first quarter of 2022 to EGP 158.07 mn during the same period in 2023, with a growth rate of 41.30% and an increase of EGP 46.2 mn.

The bank's customer deposit portfolio rose by 14.20%, reaching EGP 83.38 bn by the end of March 2023, compared to EGP 73.01 bn at the end of 2022, with an increase of EGP 10.37 bn.

Total loans to the bank's customers increased to EGP 45.799 bn by the end of the first quarter of 2023, compared to EGP 41.868 bn at the end of 2022, with a growth rate of 9.39% and an increase of EGP 3.93 bn.