saib grows by 16.78% on First Bank Composite Growth Index during Q1-2023

The separate financial statements of saib Egypt, which ended on March 31, 2023, revealed that the bank recorded a composite growth rate of 16.78% in all branches of activity that include net profits, deposit, loan, and asset portfolios.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks with a single figure, during the first quarter of 2023.

The bank was able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), led by net profit that recorded a growth rate of 22.31% to record EGP 172.151 mn during Q1- 2023, compared to EGP 140.746 mn at the same period 2022, with an increase of EGP 31.405 mn.

Furthermore, the bank's Total asset came in second place with a growth rate of 21.23% during the first quarter of this year, bringing the total portfolio from EGP 86.478 bn at the end of December 2022 to reach EGP 104.837 bn at the end of first quarter of this year, achieving an increase of EGP 18.359 bn.

The bank's Total customer loans achieved a growth rate of 9.39% to reach EGP 45.800 bn by the end of March 2023, compared to EGP 41.869 bn by the end of 2022، with an increase of EGP 4.7bn.

In addition, Total customer deposit portfolio Jumped to record EGP 83.376 bn by the end of March 2023, compared to EGP 73.006 bn by the end of 2022, achieving a growth rate of 14.20%, and an increase of EGP 10.370 bn.