saib’s net profits jump by 238%, recording EGP 581 mn during Q1-2024

Unaudited financial statements of saib, for the period ending on March 31, 2024, revealed an increase in its net profits by 238% to record EGP 580.8 mn (equivalent to $12.3 mn) during the first quarter of 2024. Compared to EGP 171.8 mn (equivalent to $5.6 mn) during the same period in 2023.

The bank's pre-tax profit also witnessed a growth of 196%, recording EGP908.5 bn (equivalent to $19.2 mn) during Q1- 2024. This is compared to EGP 306.8mn (equivalent to $9.9 mn) during the same period of 2023.

Interest revenues surged by 91%, totaling EGP5.202bn (equivalent to $110.2 mn) during Q1-2024. This is in comparison to EGP 2.723 bn (equivalent to $88.1 mn) during the same period of 2023.

Regarding the bank's financial position, saib's customer deposits portfolio rose to EGP 104.4 bn by the end of March 2024, compared to EGP 85.17 bn by the end of 2023, with a growth rate of 22.6% and an increase of EGP 19.24 bn.

Total portfolio of loans and facilities for customers and banks at Saib grew by 27.5%, with an increase of EGP 12.95 bn in the first 3 months of the current year, reaching EGP60.12bn by the end of March 2024, compared to EGP 47.17 bn at the end of December 2022.

Total equity jumped by 45%, with an increase of approximately EGP5.55bn in the first 3 months of the current year, reaching EGP 17.90 bn by the end of March 2024, compared to EGP 12.34 bn at the end of December 2022.