saib’s liquidity ratio jumps to 28.6% by the end of June, 2024

The separate financial statements of saib revealed that the Bank's liquidity ratio rose to 28.60% by the end of June 2024, compared to 23.62% by the end of 2023. The liquidity ratio in banks is defined as a certain ratio that reflects the bank's ability to meet its short-term liabilities without the need to liquidate long-term assets or loans, and the ratio is calculated as follows (cash and balances due from the Central Bank + balances due from banks)/(total assets). This ratio is an indicator of the Bank's financial ability and its ability to cover deposits and other financial liabilities in the short term, but may be an indicator of low profitability if liquidity is not effectively exploited in profitable investments.

Cash and balances due from the Central Bank of Egypt in saib rose to EGP 10.6 bn by the end of June 2024, compared to EGP 9.8 bn by the end of 2023, with a growth of 8.06% and an increase of EGP 792 mn.

Cash and balances due from the Central Bank of Egypt in saib were distributed by the end of the first half of this year as follows: 10.1 bn in mandatory reserve and EGP 475.2 mn in cash

In terms of balances Due from banks, it jumped by 90.88% in the first half of this year, reaching EGP 29.9 bn by the end of the second quarter of 2024, compared to EGP 15.7 bn by the end of 2023.

At the end of the first half of this year, balances Due from banks in saib are distributed as follows: EGP 8 bn in balances Due from CBE (other than mandatory reserve ratio), EGP 20.7 bn due from local banks, and EGP 1.3 bn due from foreign banks.

The Bank's assets portfolio jumped by 31.3% during the first half of this year, reaching EGP 141.6 bn by the end of June 2024, compared to EGP 107.9 bn by the end of 2023, representing an increase of EGP 33.8 bn. 

Notwithstanding the high liquidity ratio of saib, it achieved strong net profit growth, rising by 163.1% EGP 988.3 mn in the first half of 2024, compared to EGP 375.7 mn in the same period of 2023, with an increase of EGP 612.6 mn; ranking second on the First Bank list of the fastest growing listed Banks in net profits in the first half of 2024. Net interest income rose to EGP 3.6 bn during the first half of 2024, compared to EGP 2.1 bn during the same period in 2023, with a growth of 72.1% and an increase of EGP 1.5 bn.

Net fees and commissions income increased by 103.50%, to EGP 548.7 mn during the first half of 2024, compared to EGP 269.7 mn during the same period of 2023.

In terms of profits per share, the bank jumped at a growth rate of 160.4%, reaching EGP 29.8 per share in the first half of 2024, compared to EGP 11.5 per share in the same period from 2023.

Overall, saib achieved a strong performance during this year, jumping its total customer loans to EGP 61.5 bn by the end of June 2024, compared to EGP 46.3 bn by the end of 2023, with a growth of 32.95% and an increase of EGP 15.2 bn.

Customer deposit portfolio rose by 29.8% in the first half of this year, reaching EGP 110.8 bn by the end of the second quarter of 2024, compared to EGP 85.3 bn by the end of 2023. For more about saib and its achievements, click more