saib’s net profits jump by 163%, recording EGP 986.8 mn during H1-2024
First Bank
Unaudited financial statements of saib, for the period ending on June 30, 2024, revealed an increase in its net profits by 163% to record approximately EGP 986.8 mn during the Half of 2024. Compared EGP 374.9 mn during the same period in 2023.
The bank's pre-tax profit also witnessed a growth of 133%, recording EGP1.404bn during H1- 2024. this is compared to EGP 603.2mn during the same period of 2023, an increase of EGP 800.5mn.
Interest revenues surged by 79%, totaling EGP10.303bn during H1-2024. This is in comparison to EGP 5.763 bn during the same period of 2023.
Regarding the bank's financial position, saib's customer deposits portfolio rose to EGP 110.6 bn by the end of June 2024, compared to EGP 85.29 bn by the end of 2023, with a growth rate of 30% and an increase of approximately EGP 25.31 bn.
Total portfolio of loans and facilities for customers and banks at Saib grew by 37%, with an increase ofapproximately EGP 17.43 bn in the first 6 months of the current year, reaching EGP64.67bn by the end of June 2024, compared to EGP 47.24 bn at the end of December 2023.
Total equity jumped by 50.5%, with an increase of approximately EGP6.25bn during the first 6 months of the current year, reaching EGP 1.61bn by the end of June 2024, compared to EGP 12.36 bn at the end of December 2023.
