saib jumps by 78% on FirstBank composite growth index during Q1-2024

The financial statements of saib, which ended on March 31 2024, revealed that the bank achieved a composite growth rate of 78% during the first quarter of the current year.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during Q1- 2024.

saib managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 238%, reaching EGP 581mn (equivalent to $12.30mn) during the first quarter of 2024, compared to EGP 172 mn (equivalent to $5.56 mn) during the same period of 2023.

The bank's asset portfolio was the second contributor to the growth, rising by 27.4% during Q1-2024 to record EGP 137.4bn (equivalent to $2.911 bn) by the end of March 2024, compared to EGP 107.9 bn (equivalent to $3.485 bn) by the end of December 2023.

Total customer loans at the bank were the third contributor to this growth, it grew with a growth rate of 23.8% during the first quarter of the current year, reaching EGP 57.3 bn (equivalent to $1.213 bn) by the end of March 2024, compared to EGP 46.3 bn (equivalent to $1.495 bn) at the end of December 2023.

In addition, Total customer deposits increased by 22.3% during the first 3 months of the current year, reaching EGP 104.4 bn (equivalent to $2.211 bn) by the end of March 2024, compared to EGP 85.3 bn (equivalent to $2.757 bn) by the end of December 2023.