Saib grows by 18.14% on First Bank composite growth index during H1-2023

The financial statements of saib ending on June 30th, revealed a composite growth rate of 18.14% during the first half of 2023.

This rate was measured through a composite index developed by First Bank to assess the financial performance of banks.

It encompassed all activity branches, including net profits, deposit portfolio, loan portfolio, and asset portfolio, from January to June 2023.

 The bank showed positive results in all four sub-indices of the First Bank index. Notably, net profits of the bank, the largest contributor to the bank's activity growth, increased by 24.47% to reach EGP375.7 mn (equivalent to $12.135 mn) during the first half of 2023, compared to EGP301.8 mn (equivalent to $16.004 mn) during the same period in 2022.

Total assets portfolio of the bank was the second contributing factor to this growth, rising by 21.54% during the first half of the current year, reaching EGP 105.109 bn (equivalent to EGP3.395 bn) by the end of June 2023, compared to EGP86.478 bn (equivalent to $3.489 bn) by the end of December 2022.

Total loan and deposit portfolio also increased by 14.81% during the first half of the current year, reaching EGP83.818 bn (equivalent to EGP 2.707 bn) by the end of June 2023, compared to EGP 73.006 bn (equivalent to $2.946 bn) by the end of December 2022.