Saib grows by 64% on First Bank composite growth index during H1-2024

The financial statements of saib ending on June 30th 2024, revealed a composite growth rate of 64.22% during the first half of 2024.

This rate was measured through a composite index developed by First Bank to assess the financial performance of banks.

It encompassed all activity branches, including net profits, deposit portfolio, loan portfolio, and asset portfolio, from January to June 2024.

 The bank showed positive results in all four sub-indices of the First Bank index. Notably, net profits of the bank, the largest contributor to the bank's activity growth, increased by 163.20% to reach EGP986.83 mn (equivalent to $20.546 mn) during the first half of 2024, compared to EGP374.93mn (equivalent to $12.134 mn) during the same period in 2023.

Total loans of the bank was the second contributing factor to this growth, rising by 32.82% during the first half of the current year, reaching EGP 61.43 bn (equivalent to EGP1.279bn) by the end of June 2024, compared to EGP46.25bn (equivalent to $1.495 bn) by the end of December 2023.

Asset portfolio was the third contributor to this growth, rising by 31.18% in the first 6 months of this year, to EGP 141.43 bn (equivalent to $2.945 bn) by the end of June 2024, compared to EGP 107.81 bn (equivalent to $3.485 bn) by the end of 2023

The Bank's deposit portfolio rose by 29.67% in the first half of this year, reaching EGP 110.60 bn(equivalent to $2.303 bn)  by the end of June 2024, compared to EGP 85.29 bn (equivalent to $2.757 bn)  by the end of 2023, with an increase of EGP 12.556 bn.