saib's corporate sector achieves significant performance during Q1-2024

The corporate sector of saib witnessed remarkable development and growth during the first quarter of this year, reflected in the Bank's strong figures, which prompted it to finish second on the level of listed banks in corporate loans, and clinched third place in corporate deposits in terms of the fastest growing, supported by the efforts of Afdal Naguib, CEO of the Bank.

The Bank strengthened its corporate loans in the first quarter of 2024, pushing the corporate loans portfolio to grow by 27.3%, reaching EGP 42.8 bn by the end of March, compared to 33.6 bn by the end of 2023, with an increase of EGP 9.2 bn.

This strong performance was driven mainly by the growth of debit current accounts by 22.96%, up to EGP 14.5 bn by the end of the first quarter of this year, compared to EGP 11.8 bn by the end of 2023, with an increase of EGP 2.7 bn.

In addition, the syndicated loans portfolio increased from EGP 13.9 bn by the end of 2022, to EGP 19.9 bn by the end of March, with a growth of 43.4% and an increase of over EGP 9 bn, ranking second on the list of the fastest-growing listed banks on syndicated loans during the first quarter of this year.

Furthermore, direct loans increased to EGP 7.9 bn by the end of March 2024, compared to EGP 7.6 bn by the end of 2023, with growth of 4.50% on a quarterly basis. The corporate sector contributed 74.54% to the bank's total loans portfolio, which jumped to EGP 57.4 bn by the end of March 2024, compared to EGP 46.3 bn by the end of 2023, with a growth of 24% and an increase of EGP 11.1 bn, ranking second on the list of the fastest-growing listed banks in total customer loans during the first quarter of this year.

The corporate deposit portfolio of saib recorded a remarkable development during the first quarter of this year, jumping its portfolio by 21.5%, reaching 74.1 billion pounds by the end of March 2024, compared to EGP 61 bn by the end of 2023, with an increase of EGP 13.1 bn. Corporate sector accounted for about 70.85% of the Bank's total deposit portfolio, which jumped to EGP 104.6 bn by the end of March 2024, compared to EGP 85.3 bn by the end of 2023, with a growth of 22.5% and an increase of EGP 19.2 bn, placing third on the list of the fastest growing listed banks in customer deposits during the first quarter of this year. For more information about saib and its achievements, click here.