saib tops Fastest Growing Banks in retail Deposits During H1-2024

saib achieved record growth in its portfolio of retail deposits during the first half of this year, jumping by 42.90%, reaching EGP 34.8 bn by the end of June 2024, compared to EGP 24.4 bn by the end of 2023, topping the list of the fastest growing banks in retail deposits

The Bank's portfolio of corporate deposits also saw strong growth, rising to EGP 75.9 bn by the end of June 2024, compared to EGP 61 bn by the end of 2023, with growth of 24.5% on a semi-annual basis.

This contributed to the rise of total deposits of saib by 29.8% during 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

Overall, saib achieved a strong performance during this year, its net profit increased by 163.1%, to EGP 988.3 mn during the first half of 2024, compared to EGP 375.7 mn during the same period from 2023, with an increase of EGP 612.6 mn, ranking second on the First Bank list of the fastest growing 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

Its total customer loans jumped 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 rate of 32.95% and an increase of EGP 15.2 bn.