SAIB’s net profit up 87% in 9M-2022, posts $26.5mn

 The net profit of Societe Arabe Internationale De Banque (SAIB) totalled $26.5 million (EGP517,7mn) in the first 9 months of 2022, up 87% when compared to $14.2 million (EGP222,6.mn) in the corresponding period in 2021.

However, net profit before taxes amounted to $38.9 million during 9M\2022 compared to $36.8 million during the same comparable period of 2021, with a growth rate of 6%.

In addition, net interest income for the 9-month period ended 30 September 2022 increased by 5% to stand at $105.8million, compared to $100.4 million in 9M\2021.

Net fee and commission income increased by 19% the 9-month period ended 30 September 2022 to generate $16.4 million in September 2022, compared to $13.8 million in the corresponding period in 2021.

In addition, Saib’s Net trading income recorded $9.96 mn in 9M\2022 compared to $4.94 million in the same comparable period of last year.

Furthermore, the Bank increased the provision for credit losses by $15.2 million at the end of September 2022, compared to $14.6 million in the same period in the previous year 2021.

The total loans and facilities to customers in local currency increased to EGP 30.8 billion in 9M, compared to EGP 26.6 billion at the end of December 2021, with a growth rate of 16%.

However, total loans and facilities to customers in foreign currencies increased by 12%, to stand at $536 million, compared to $477 million at the end of December 2021. This increase was driven by increased activity in all business sectors.

The total deposits in local currency stood at $53 billion pounds in 9M, compared to$ 48.8 billion pounds at the end of December 2021 with an increase of 9%.

In addition, the total deposits in foreign currencies posted $ 960 million, compared to $854 million US dollars at the end of December 2021 with an increase of 12%.

Loans to deposits ratio reached 57.5% on September 2022-end, compared to 54.7% on December 31, 2021.

SAIB’s branches network also increased through opening three new branches (Lebanon Branch in Mohandessin – Shebin El-Koum Branch – Kafr El-Sheikh Branch) to bring the numberof branches to 38 at the end of September 2022.