saib achieved strong performance this year, thanks to the philosophy of Tarek El-Kholy, Chairman of the Board

Analysis

Strong performance for saib during Q1-2023; leading the fastest-growing lists

First Bank

8/1/2023 10:53:00 AM

saib achieved strong performance this year, thanks to the philosophy of Tarek El-Kholy, Chairman of the Board of Directors and the Managing Director of the bank, along with his supportive team.

This is evident as the bank tops several ranking lists issued by First Bank rating center, measuring the financial performance of banks operating in the Egyptian market.

saib ranks first on First Bank list for the fastest-growing financial investments during the first 3 months of 2023, with a growth rate of 22.23%. Its total portfolio reached EGP27.48 bn by the end of March 2023, compared to EGP22.48 bn by the end of December 2022.

Moreover, the bank claimed the top position on First Bank list for the fastest-growing Equity during the first quarter of this year, with a growth rate of 31.91%. Its total Shareholders' Equity reached EGP 11.194 bn by the end of March 2023, compared to EGP8.486 bn by the end of December 2022.

The bank also secured the first position in Fastest asset growth during the first 3 months of the current year, with its portfolio increasing by 21.23%. It successfully grew its portfolio from EGP86.5 bn by the end of December 2022 to around EGP104.8 bn by the end of March 2023.

Furthermore, saib obtained the second position on First Bank list for the fastest-growing corporate deposits during the first quarter of the current year, with a growth rate of 18.27%. Its portfolio increased from EGP50.03 bn by the end of December 2022 to EGP59.2 bn by the end of March 2023.

As for the third position, saib also claimed it on First Bank list for the fastest-growing retail deposits during the period from January 1, 2023, to March 30 of the same year, with a growth rate of 14.20%. Its deposit portfolio reached EGP83.4 bn by the end of March 2023, compared to EGP 73 bn by the end of December 2022.

It is worth noting that the bank provides corporate and retail banking and investment services in Egypt and abroad through its headquarters and 41 branches.