saib has emerged as the fastest-growing bank in terms of shareholders equity during the first quarter of the c

Analysis

saib Tops Egypt's Fastest-Growing Banks in Shareholders' Equity during Q1-2023

First Bank

7/18/2023 2:02:00 PM

saib has emerged as the fastest-growing bank in terms of shareholders' equity during the first quarter of the current year, according to First Bank rankings. The bank's total shareholders' equity rose to EGP 11.194 bn by the end of March 2023, a 31.91% increase from EGP 8.486 bn at the end of 2022.

saib has achieved strong performance this year, with its net profits increasing by 22.31% to reach EGP 172.15 mn during Q1 2023, compared to EGP 140.75 mn in the same period of 2022, representing a growth of EGP 31.41 mn.

Net fees and commissions income rose from EGP 111.87 mn in Q1 2022 to EGP 158.07 mn in the corresponding period of 2023, showing a growth rate of 41.30% and an increase of EGP 46.2 mn.

Net interest income reached EGP 1.05 bn during Q1 2023, compared to EGP 578.79 mn in the same period of 2022, reflecting a growth rate of 80.65% and an increase of EGP 466.78 mn.

Total customer loans increased to EGP 45.8 bn by the end of Q1 2023, up from EGP 41.87 bn at the end of 2022, representing a growth rate of 9.39% and an increase of EGP 3.93 bn.

The bank's customer deposit portfolio jumped 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, indicating an increase of EGP 10.37 bn.