saib resource employment rate increased to 79.66% by June-2023 end

saib has succeeded in achieving a slight increase in its resource employment rate, reaching 79.66% by the end of the first half of 2023, compared to 78.97% at the end of 2022, following a relatively expansionary policy.

This indicator, launched by the research center affiliated with First Bank, measures the traditional resource employment rate (deposits + equity) in (loans + financial investments) in the Egyptian banking sector.

The increase achieved by the bank in this indicator during the first 6 months of 2023 reflects its relatively expansionary policy in employing its traditional resources to support its financial results, moving away from its conservative policy to some extent.

This is reflected in the numbers, where saib employed EGP75.86 bn of its traditional resources, which amounted to EGP95.23 bn by the end of June 2023, in both loans and financial investments, with EGP 29.08 bn for financial investments and EGP46.77 bn for total customer loans.

Meanwhile, the bank employed EGP64.35 bn of its traditional resources, which amounted to EGP81.49 bn at the end of 2022, in both loans and financial investments, with EGP22.48 bn for financial investments and EGP41.87 bn for total customer loans.

As for the distribution of saib's traditional resources at the end of the first half of 2023, the value of deposit portfolio reached EGP83.82 bn, while total equity amounted to EGP11.41 bn by the end of the current year.

Deposit employment rate for granting loans at the bank was 55.81% by the end of June 2023, compared to 57.35% at the end of 2022.

As for deposit employment rate for financial investments, it increased by about 3.9% to reach 34.70% by the end of June 2023, compared to 30.79% at the end of 2022.

Despite the increase in the bank's resource employment rate during the first half of 2023, it remained lower than the average in the Egyptian banking sector, where the employment index in the banking sector was approximately 91.92% by the end of March 2023, according to the latest data from the Central Bank of Egypt.