Saib’s Resource employment rate soars to 81.80% by Sep-2023end

Saib achieved an increase in its resource employment rate to 81.80% by the end of the third quarter of the current year, compared to 78.97% at the end of the previous year, marking a 2.83% increase in the first 9 months of 2023.

This indicator, introduced by First Bank’s research center, measures the traditional resource employment rate (deposits + shareholders’ Equity) in (loans + financial investments) for banks operating in the Egyptian banking sector.

The bank’s increased employment rate in the first 9 months of 2023 reflects its relatively expansive policy in employing traditional resources. Financial investments played a significant role in the increased employment rate due to the rapid growth witnessed this year.

Looking at the figures, saib employed EGP79.57 bn from its traditional resources, which amounted to EGP97.28 bn by the end of September 2023 in both loans and financial investments, with EGP33.11 bn for financial investments and EGP 46.48 bn for total customer loans.

In contrast, the bank employed EGP64.35 bn from its traditional resources, which amounted to EGP 81.49 bn by the end of 2022 in loans and financial investments, with EGP22.48 bn for financial investments and EGP41.87 bn for total customer loans.

Regarding the distribution of traditional resources for saib in the first 9 months of 2023, the deposit portfolio amounted to EGP85.65 bn, while total property rights reached EGP11.63 bn by the end of the current year.

The deposit employment rate for loan grants at the bank was 54.25% by the end of September 2023, compared to 57.35% at the end of 2022.

As for deposit employment rate for financial investments, it increased by about 7.8% to reach 38.65% by the end of the third quarter of 2023, compared to 30.79% at the end of 2022.

Despite the increase in the resource employment rate at the bank during the first nine months of 2023, it remained below the average for the Egyptian banking sector.

 According to the latest data from the Central Bank of Egypt, the employment index in the banking sector was around 93% by the end of July 2023.