saib tops the fastest-growing banks in net profits in the Egyptian Market during Q1-2024

saib achieved record profit growth, with net profits jumping by 238%, up to EGP 581 mn in the first quarter of 2024, compared to EGP 172 mn in the same period of 2023, topping First Bank list of the fastest-growing banks in net profits in the first quarter of this year.

As a result, the Bank's net interest income surpassed EGP 2 bn in the first quarter of 2024, compared to EGP 1 bn in the same period from 2023, with growth of 92 .85% and an increase of EGP 970.8 mn.

Net fees and commissions income also increased by 74.07%, up to EGP 275.2 mn in the first quarter of 2024, compared to EGP 158.1 mn in the same period of 2023.

Overall, saib recorded strong growth in its financial indicators, rising by 27.6% in the first quarter of this year, to reach EGP 137.6 bn by the end of March 2024, compared to EGP 107.9 bn by the end of 2023, with an increase of EGP 29.7 bn.

The customer deposit portfolio rose from EGP 85.3 bn by the end of 2023, to EGP 104.6 bn by the end of March 2024, with a growth of 22.51% and an increase of EGP 19.2 bn.

The bank's total customer loans jumped by EGP 11.01 bn, with a growth rate of 23.80% during the first quarter of this year, up to EGP 57.29 bn by the end of March 2024, compared to 46.28 bn by the end of December 2023.

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