saib's Net Profits Grow by 25% in H1-2023, Recording EGP374.9 Mn
First Bank
Unaudited financial statements of saib, for the period ending on June 30, 2023, revealed a 25% increase in the bank's net profits, reaching EGP374.9 mn (equivalent to $12.135 mn) during the first half of 2023. This compares to EGP300.9 mn (equivalent to $16.005 mn) during the same period in 2022.
The bank's pre-tax profit also witnessed a growth of 32%, amounting to an increase of EGP145.1 mn during the first 6 months of the current year, recording EGP603.2 mn (equivalent to $19.522 mn) in the first half of 2023. This is compared to EGP458.1 mn (equivalent to $24.362 mn) during the same period of the previous year.
Interest revenues surged by 66%, totaling EGP5.763 bn (equivalent to $186.521 mn) in the first half of 2023. This is in comparison to EGP3.472 bn (equivalent to $184.689 mn) during the first half of 2022, marking an increase of EGP2.291 bn.
In terms of the bank's financial position, total customer deposits increased by 15%, with a value increase of around EGP 10.768 bn, reaching EGP83.651 bn (equivalent to $2.707 bn) by the end of June 2023. This is compared to EGP 72.883 bn (equivalent to $2.946 bn) by the end of December 2022.
Total customer and interbank loans for the bank also grew by 13% during the first half of the current year, reaching EGP 47.147 bn (equivalent to $1.526 bn) by the end of June 2023. This is compared to EGP41.799 bn (equivalent to $1.689 bn) by the end of December 2022, marking an increase of EGP5.348 bn.
Retained earnings increased by 13%, with a growth of EGP313 mn during the first half of the current year, totaling EGP 2.756 bn(equivalent to $89.211 mn) by the end of June 2023. This compares to EGP 2.443 bn (equivalent to $98.734 mn) by the end of the year 2022.
