Historical leap, Afdal Naguib leads saib to achieve significant growth rates in 2024

A historical jump in the Bank's profit indicators in H1-2024. Net profit rises by 163.1%, registering EGP 988.3 mn

Record rises in assets, deposits, loans and the Bank continues its significant growth in retail and corporate services

saib has seen strong growth during the first half of this year, specifically during the period of the assumption ofAfdal Naguib the position of Chief Executive Officer and Managing Director of the Bank since he assumed executive leadership in November 2023, until the Bank's most recent financial statements in June 2024.

This was revealed by the monitoring conducted by First Bank to monitor the development of saib indicators since Naguib took over executive leadership. The Bank's net profit jumped 163.1% to 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. It ranked second on the First Bank list of the fastest growing listed Banks in net profits during 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%, reaching EGP 548.7 mn during the first half of 2024, compared to EGP 269.7 mn during the same period of 2023, clinching second place on the First Bank list of the fastest-growing listed banks in net fees and commissions income during the first half of this year.

This contributed to a significant jump in profits per share, jumping by 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.

This growth was not limited only to the level of profits; The Bank's asset portfolio jumped by 31.3%, reaching EGP 141.6 bn by the end of June 2024, compared to EGP 107.9 bn by the end of 2023, with an increase of EGP 33.8 bn, placing fourth on the list of the fastest growing listed banks in assets during the first half of this year.

Customer deposit portfolio rose by 29.8%, 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, clinching fourth place on the First Bank list of the fastest-growing listed banks in retail deposits during the first half of this year.

This was supported by the jump in the retail deposit portfolio, which rose by about 43%, reaching EGP 34.9 bn by the end of June 2024, compared to EGP 24.4 bn by the end of 2023, with an increase of EGP 10.5 bn, leading the list of the fastest-growing listed banks in retail deposits during the first half of this year.

The increase in corporate deposits was also a factor in the growth of the total portfolio, with the growth of corporate deposits rising to EGP 75.9 bn by the end of June 2024, compared to EGP 61 bn by the end of 2023, with a growth of 24.5%, placing fifth on the list of the fastest growing listed banks in corporate deposits during the first half of this year.

The Bank's loans also saw remarkable growth, with total customer loans jumping 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, ranking second place on the First Bank list of the fastest-growing listed banks in total customer loans during the first half of this year.

It should be noted that the substantial increases in the Bank's total loans resulted from its growing expansion in corporate loans, which resulted in an increase in its portfolio of corporate loans to EGP 45.9 bn by the end of June 2024, compared to EGP 33.6 bn by the end of 2023, with a growth rate of 36.5%, placing second on the First Bank list of the fastest growing listed banks in corporate loans during the first half of this year.

saib's retail loans also rose to EGP 15.6 bn by the end of the second quarter of 2024, compared to EGP 12.7 bn by the end of 2023, with a growth of 23.39%, and an increase beyond EGP 3 bn, ranking fourth place The First Bank list of the fastest growing listed banks in retail loans during the first half of this year.

These results confirm that the term of Afdal Naguib is the beginning of a strategic shift, leading saib towards new levels of success. With these indicators and accelerated growth in all indicators, the Bank moves to a promising future of opportunities and achievements.