Significant improvement in Saib Bank's profit indicators under the leadership of Tarek ALkholy

Saib Bank has witnessed significant progress in profitability indicators since Tarek Al Kholy assumed the executive leadership in August 2018. Under his leadership, the bank transformed from incurring net losses to achieving net profits, thanks to strong financial and operational results.

This progress was revealed by First Bank's analysis, measuring the bank's key indicators since his tenure. The bank successfully shifted from a net loss of EGP134.952 mn in 2018 to a net profit of approximately EGP747.379 mn in 2022, marking a remarkable growth rate of 653.81%.

In the current year, saib's net profits surged by 24.47%, reaching EGP375.668 mn in the first half of 2023, compared to EGP 301.822 mn during the same period in 2022.

Additionally, the bank's net interest income rose to EGP3.548 bn in 2022, compared to EGP 1.353 bn during the same period in 2018, reflecting a growth rate of 162.25%. In the first 6 months of 2023, it further increased to EGP 2.074 bn, compared to EGP1.261 bn in the same period last year, with a growth rate of 64.48% and an increase of EGP813 mn.

Net fees and commissions income also rose to EGP545.445 mn in 2022, compared to EGP519.300 mn in 2018. During the first six months of 2023, it increased to EGP269.655 mn, compared to EGP 204.772 mn in the same period last year, with a growth rate of 31.69%.

The bank's stock performance saw a turnaround, achieving a profitability of EGP5.9383 per share in the previous year, compared to losses of 8.986 per share in 2018.

 In the first 6 months of the current year, the profitability per share stood at EGP23.838, compared to EGP 19.235 during the same period in 2022.

Furthermore, return on average assets increased from -0.16% in 2018 to 0.95% in 2022 and was recorded at 0.39% during the first half of 2023. The return on equity also rose to 10.66% in 2022, compared to -2.38% at the end of December 2018, and stood at 3.78% during the first six months of the current year.

Regarding the growth of the bank's main portfolios, saib's assets increased to EGP105.11 bn by the end of June 2023, compared to EGP81.55 bn at the end of 2018, reflecting a growth rate of 28.89% and an increase of EGP23.56 bn.

The bank's total customer financing jumped from EGP26.48 bn at the end of 2018 to EGP46.78 bn at the end of the first half of 2023, with a growth rate of 76.62% and an increase of EGP20.29 bn.

Additionally, the bank's customer deposits portfolio increased by approximately 20.93%, reaching EGP 83.82 bn at the end of the second quarter of 2023, compared to EGP69.31 bn at the end of 2018, reflecting an increase of EGP14.50 bn.

Tarek Al Kholy's leadership received several international accolades, including Saib being recognized as the fastest-growing bank in Egypt for 2020 by Global Business Outlook. In 2021, the bank also received 2 awards: "Best Banking Product for Al Ahli Credit Card" and "Best Banking Product for Electronic Payment Bracelet" from Global Brands magazine.

Additionally, the bank received the Elite Award for Operational Quality in 2022 from J.P. Morgan Bank in the MT 103 payment category, with an accuracy rate of 99.63%. This recognition was a result of saib's commitment to high-quality standards in the financial transfers sector throughout the year, showcasing the bank's dedication to exceptional service and operations.

For more info on Tarek Al Kholy's profile and his notable achievements, click [here]