saib achieves significant performance in financial efficiency indicators during H1-2024
First Bank
saib achieved outstanding performance on its financial efficiency indicators during the first half of this year. The Bank's periodic financial statements, which ended on June 30, revealed an increase in its average return on assets after registering 0.79% in the first half of 2024, compared to 0.39% in the same period from 2023.
The financial statements disclosed a higher rate of return on average equity in saib to 6.37% in the first half of 2024, compared to 3.78% in the first half of 2023.
The main reason for the "return on equity" and "return on assets" averages was the saib's ability to achieve record net profit growth of 163.20% with an increase of about EGP 612 mn, recording about EGP 987 mn (equivalent to $20.546 mn) during the first half of 2023, compared to 375 mn (equivalent to $12.134 mn) during the first half of 2023.
In terms of profits per share, the bank increased by 160.49% in the first half of this year, after saib's share of its net profit was about EGP 29.78 (equivalent to $0.62) per share in the first half of 2024, compared to EGP 11.43 (equivalent to $0.37) in the first half of 2023.
saib has grown its asset volume by 31.18% and increased by EGP 33.62 bn during the first half of this year, registering EGP 141.43 bn (equivalent to $2.945 bn) by the end of June 2024, compared to 107.81 bn (equivalent to $3.485 bn) by the end of December 2023.
The size of the equity portfolio rose significantly after a growth rate of 50.52% and an increase of EGP 6.25 bn during the first half of this year, reaching EGP 18.61 bn (equivalent to $378.404 mn) by the end of June 2024, compared to 12.36 bn (equivalent to $399.556 mn) by the end of December 2023.
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