saib achieves good performance in its financial efficiency indicators during 2023
First Bank
saib improved its financial efficiency indicators during the last year, The following analysis highlights bank's development in financial efficiency indicators from January to December 2023.
The financial statements of saib, which ended on December 31, 2023, revealed that the bank achieved a return on average assets of 0.99% during 2023, compared to 0.95% during 2022.
The return on average equity (ROE) recorded 9.25% during 2023, compared to 10.45% during 2022.
saib's net profits increased with a growth rate of 29.06%, reaching EGP 964 mn (equivalent to USD 31.155 mn) during 2023, compared to EGP 747.4 mn (equivalent to USD 30.15 mn) during 2022, an increase of EGP 217.2 mn.
In terms of earnings per share, the bank recorded a growth rate of 26.73% during the period from January to December 2023, with the bank's share of net profits reaching about EGP 21.67 per share (equivalent to $ 0.70) during 2023, compared to EGP 17.10 (equivalent to $ 0.69) during 2022.
The bank's asset portfolio increased by 24.75% during the last year, reaching EGP 107.88 bn (equivalent to $3.485bn) at the end of December 2023, compared to EGP 86.48 bn (equivalent to USD 3.49bn) at the end of December 2022, an increase of EGP 21.40bn.
In addition, the bank achieved a growth of 45.77% in its Equity during 2023, as it increased from EGP 8.49 bn (equivalent to USD 342 mn) at the end of December 2022 to EGP 12.37 bn (equivalent to USD 399.56 mn) at the end of December 2023, an increase of EGP 3.88 bn.
