saib tops fastest-growing listed banks in net fees and commissions income during 9-2024

saib leads First Bank list of the fastest growing listed banks in net fees and commissions income during the first 9 months of this year, with a growth rate of 109.76%, after registering EGP 797.8 million in the first 9 months of 2024, compared to EGP 380.4 million during the same period from 2023.

This was due to the rise in revenues from the Bank's fees and commissions to EGP 1.05 bn by the end of September 2024, compared to EGP 590.4 million during the same period from 2023, a growth of 77.8% and an increase of EGP 459.1 million.

Although fee and commission expenses rose to EGP 251.7 million during the first 9 months of 2024, compared to EGP 210 million during the same period from 2023, a growth rate of 19.81% and an increase of EGP 41.6 million.

Overall, the Bank achieved a strong performance during this year, rising its net profit to EGP 1.3 bn in the first 9 months of 2024, compared to EGP 588.4 million in the same period from 2023, a growth of 117.91% and an increase of EGP 693.8 million.

The bank's portfolio of assets jumped by 37.99% during the first 9 months of this year, registering EGP 148.8 bn by the end of September 2024, compared with EGP 107.8 bn by the end of 2023, an increase in contact with EGP 41 bn.

Customer deposit portfolio climbed to EGP 116.7 bn by the end of September 2024, compared to EGP 85.2 bn by the end of 2023, with a growth rate of 37% and an increase of EGP 31.5 bn.

The Bank's total customer loans rose by 41.7% in the first 9 months of this year, registering EGP 65.5 bn by the end of September 2024, compared to EGP 46.2 bn by the end of 2023.

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