saib Tops Egyptian Banks in Financial Investment Growth during Q1-2023
Yasmin El-sayed / Wegdan Mohamed
saib has taken the lead among Egyptian banks in the fastest growth of financial investments during the first quarter of this year.
saib's total financial investments, including t-bonds, increased by 22.23%, reaching EGP27.48 bn by the end of March 2023, compared to EGP22.48 bn by the end of 2022, marking an increase of EGP4.998 bn.
The substantial growth in saib's total financial investments is primarily attributed to a significant increase in the bank's financial investments at the cost of consumption, rising from EGP3.34 bn at the end of 2022 to EGP6.56 bn at the end of Q1 2023, with a growth rate of 24.785% and an increase of EGP3.22 bn.
Furthermore, the considerable increase in saib's investments in t-bonds played a crucial role in boosting the bank's total investments. It rose by 27.45% to reach EGP17.39 bn at the end of Q1 2023, compared to EGP13.64 bn at the end of 2022, resulting in a rise of EGP3.74 bn.
However, the bank's total financial investments were not affected by the decline in its financial investments at fair value through comprehensive income, which decreased to EGP3.53 bn at the end of last March, compared to EGP5.5 bn at the end of 2022.
This outstanding performance has propelled saib's market share in the financial investment sector, with its share jumping to 0.57% of the total financial investments (securities) in the banking sector by the end of Q1 2023, up from 0.51% at the end of 2022, successfully adding 0.06% to its share.
