SAIB grows by 46% on First Bank’s composite growth index during 9M-22

SAIB recorded a composite growth rate of 46.71% in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio during the first 9 months of 2022 according to its separate financial statement

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks with a single figure during 9M-22.

The bank was able to achieve positive results in all four sub-indicators which formulated First Bank composite index, led by net profits.

The bank’s net profit has increased by 133.12% which is considered the largest in its activities growth in 9M generating f net profit EGP 518.2 million, compared to EGP 222.3 million during a year-ago period.

The total loans and facilities of customers is constituted second contributor to the composite growth index. Loans and facilities portfolio recorded EGP 41.3 billion pounds at the end of September 2022, compared to 34.1 billion at the end of December 2021 with an increase of 7.2 billion pounds and a growth rate of 21.05%.

SAIB’s total assets portfolio has also seen a growth rate of 17.43% recording EGP 83.8 billion at the end of September 2022, compared to EGP71.4 billion at the end of 2021 with an increase of EGP 12.4 billion.

However, the bank's total customer deposits increased by 15.24% reaching EGP 71.8 billion at the end of September 2022, compared to EGP 62.3 billion at the end of 2021 with an increase of EGP 9.5 billion