saib grows by 20.3% on FirstBank composite growth index during 2023

The separate financial statements of saib, which ended on December 31st of last year, revealed that the bank achieved a composite growth rate of 20.3% in 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 during the last year. 

The bank achieved positive results in all four sub-indices of First Bank index, with the bank's net profits leading the growth at a rate of 29.1%, reaching EGP 964mn (equivalent to USD 31.156 bn) during 2023, compared to EGP 746 mn (equivalent to USD 30.155 bn) during 2022. 

Total assets at the bank were the second contributor to this growth, it grew at a growth rate of 24.7% by the end of 2023, reaching EGP 107.8 bn by the end of December 2023, compared to EGP 86.5 bn at the end of December 2022.

Total portfolio of customer deposits was the third contributing factor to this growth, increasing by 16.8% during the Last year, reaching EGP 85.3 bn (equivalent to USD 2.757 bn) by the end of 2023, compared to EGP 73 bn (equivalent to USD 2.946 bn) by the end of December 2022.

The total portfolio of customer loans and facilities at the bank increased by 10.5% during the last year, reaching EGP 46.2 bn (equivalent to USD 1.495 bn) by the end of December 2023, compared to EGP 41.9 bn (equivalent to USD 1.689 bn) by the end of December 2022.