saib grows by 16.5% on FirstBank composite growth index At 9M-2023

saib financial statements, ending on September 30th of the past year, revealed a composite growth rate of 16.5% during the first 9 months of 2023.  

The growth was measured using the First Bank composite index, assessing the financial performance of banks across all activity branches, including net profits, deposit portfolio, loan portfolio, and asset portfolio, from January to September 2023.  

The bank achieved positive results in all four sub-indices of First Bank index, with the bank's asset size leading the growth at a rate of 24.11%, reaching EGP 107.3 bn (equivalent to USD 3.466 bn) by the end of September 2023, compared to EGP 86.5 bn (equivalent to USD 3.489 bn) by the end of December 2022.  

Total portfolio of customer deposits was the second contributing factor to this growth, increasing by 17.32% during the first 9 months of the current year, reaching EGP 85.7 bn (equivalent to USD 2.767 bn) by the end of September 2023, compared to EGP 73 bn (equivalent to USD 2.946 bn) by the end of December 2022.

The bank's net profits played a role in this growth, securing the third position with a growth rate of 13.57%, recording EGP 589.7 mn (equivalent to USD 19.047 mn) during the first 9 months of 2023, compared to EGP 519.2 mn (equivalent to USD 26.479 mn) during the same period in 2022.

The total portfolio of customer loans and facilities at the bank increased by 10.98% during the first 9 months of the current year, reaching EGP 46.5 bn (equivalent to USD 1.500 bn) by the end of September 2023, compared to EGP 41.9 bn (equivalent to USD 1.689 bn) by the end of December 2022.