saib’s growth accelerates to 16% during Q4-2023

saib achieved an acceleration in growth during Q4-2023 compared to the third quarter of the same year, recording a composite growth rate of 16.01% during Q4-2023, compared to a composite growth rate of 1.96% during the third quarter of same year.

This came according to the composite growth index that First Bank developed to measure the financial performance of banks with one number, which shows the compound growth of the bank in 4 indicators, namely net profit, assets, total customer loans, and deposits.

The bank managed to achieve positive results in 2 sub-indicators comprising the composite First Bank index during the fourth quarter of the last year, especially in net profits, registering a growth rate of 64.28% in its net profits during Q4-2023.

The bank's total asset contributed to this growth, with a growth rate of 0.51% during the fourth quarter of last year, while deposit portfolio and total loans declined by 0.35%, 0.41% respectively during the period from October to December 2023.

As for Q3-2023, saib managed to achieve positive results in 3 sub-indicators, its net profits were also the most impactful factor in the growth of the composite First Bank index, as the bank achieved a growth rate of 4.20% during the period from July to September 2023.

The bank's total asset and total deposits contributed to this growth, with growth rates of 2.11%, 2.19% respectively during Q3-2023, while loan portfolio fell by 0.66%, during the period from October to December 2023.

 It is worth noting that all values used in calculating the growth rates mentioned in the analysis are based on the financial statements announced at the end of the periods, available on the bank's official website.