saib's asset portfolio jumps by 74% in 5 years

The financial statements of saib revealed that the Bank has strengthened its financial position over the past 5 years, jumping its total assets by 73.53%, reaching EGP 141.42 bn by the end of June 2024, compared to EGP 81.49 bn by the end of 2018, an increase of EGP 59.93 bn during that period

saib has been able to improve its financial position significantly in the recent period, and the bank has enhanced its competitiveness in the banking sector over the past years, especially during the first half of 2024, where it achieved fifth place on the First Bank's list of fastest growing banks in assets during the first 6 months of this year.

Turning to its asset portfolio growth rates during the period under analysis, 2023 was the fastest growing, with assets jumping by 24.67%, up from EGP 107.81 bn by the end of 2023 compared to EGP 86.48 bn by the end of December 2022 on an annual basis, bringing an increase of EGP 21.33 bn.

The Bank also grew well in 2022, after registering an asset portfolio of about EGP 86.48 bn by the end of 2022, compared to EGP 71.54 bn by the end of December 2021, to grow by 20.88% and an increase of EGP 14.94 bn.

The Bank's asset portfolio increased by 4.19%, with an increase of EGP 2.9 bn in 2021, from EGP 68.66 bn by the end of 2020, to EGP 71.54 bn by the end of December 2021.

As for the growth of its asset portfolio during the first 6 months of this year, it achieved a growth rate of 31.18% and an increase of EGP 33.61 bn.

Overall, the Bank achieved a strong performance during this year, rising its net profit by 163.1%, reaching EGP 988.3 mn in the first half of 2024, compared to EGP 375.7 mn during the same period in 2023.

Its 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, growing by 72.1%, and an increase of EGP 1.5 bn.

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.

Growth rate 32.95%, with an increase of about EGP 15.2 bn.

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