saib tops fastest growing banks in financial investments in Egypt

Saib has significantly boosted financial investments over the past year, as evidenced by the remarkable growth in its total portfolio, it rose by 47.26%, reaching EGP 33.106 bn by the end of September 2023, compared to EGP 22.482 bn by the end of December 2022, with an increase of EGP 10.6 bn, topping First Bank list of the fastest growing banks in total financial investments during the first 9M of last year.

Significant increases in the Bank's total financial investments are mainly due to a significant increase in the Bank's financial investments at cost, rising from EGP 3.3 bn by the end of 2022, to EGP 7.9 bn by the end of September 2023, with a growth of 137.7% and an increase of EGP 4.6 bn.

The significant increase in Saib's investments in Treasury bills also played a key role in increasing the Bank's total investments, rising to EGP 21 bn by Q3 of 2023, compared to EGP 13.6 bn by the end of 2022, with a growth rate of 54.1% and an increase of EGP 7.4 bn.

While the Bank's total financial investments were not affected by the decline of its financial investments at fair value through aggregated income to EGP 4.1 bn by the end of March, compared to EGP 5.5 bn by the end of 2022.

This reflected positively on its market share, reaching to 0.66% of total financial investment (securities) in the banking sector by Q3 of 2023, compared to 0.51% by the end of 2022.

Saib has performed well over the past year, rising its net profit to EGP 589.7 mn during the first 9M of 2023, compared to EGP 519.2 mn during the same period of 2022, with a growth of 13.6% and an increase of EGP 70.5 mn.

The Bank's assets portfolio rose by 24.1%, to EGP 107.3 bn by Q3 of 2023, compared to EGP 86.5 bn by the end of 2022, with an increase of EGP 20.9 bn.

The customer deposit portfolio rose from EGP 73 bn by the end of 2022 to EGP 85.7 bn by the end of September 2023, with a growth rate of 17.3% and an increase of EGP 12.7 bn.

Total Bank customer loans jumped by 10.98%, reaching to EGP 46.5 bn by the end of September 2023, compared to EGP 41.9 bn by the end of 2022, with an increase of EGP 4.6 bn.

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