In his first year, Afdal Naguib achieves significant performance in saib

saib achieved a record growth in its financial results during this year, supported by the assumption of the position of CEO and Managing Director of the Bank in November 2023, as the Bank witnessed a positive development in its key indicators during this period, reflecting the success of operational policies and strategic plans implemented.

This extraordinary performance is due to the Bank's ambitious strategy, which focused on promoting sustainable growth, improving operational efficiency and providing innovative solutions that meet customer needs. The results of these efforts were clearly reflected in its financial results during the first 9 months of this year.

First Bank's monitoring of the development of saib indicators revealed s net profits rose to EGP 1.282 bn in the first 9 months of 2024, compared to 588.4 mn during the same period in 2023, with a growth rate of 118%. An increase of EGP 693.8 mn, clinching third place on First Bank's list of the fastest growing net profits in the first 9 months of this year.

Net fees and commissions income jumped by 110% and an increase of about EGP 417.5 mn, reaching EGP 797.8 mn during the first 9 months of 2024, compared to 380.4 mn during the same period of 2023, leading the list of "First Bank" banks listed for the fastest growing net income from fees and commissions during the first 9 months of 2024.

Net interest income also rose at a growth rate of 57% and an increase of EGP 1.80 bn, reaching EGP 4.982 bn during the first 9 months of 2024, compared to EGP 3.178 bn during the same period in 2023.

The Bank's customer deposit portfolio jumped to EGP 116.686 bn by the end of September 2024, compared to 85.294 bn by the end of December 2023, with a growth rate of 37% and an increase of EGP 31.5 bn, clinching fifth place on First Bank's list of the fastest growing banks in customer deposits during the first 9 months of this year.

This was supported by the huge jump in retail deposit portfolio, which rose by 57%, to EGP 38.196 bn by the end of September 2024, compared to 24.358 bn by the end of December 2023, with an increase of EGP 13.837 bn, topping the list of "First Bank" listed banks listed as the fastest growing retail deposits in the first 9 months of 2024.

Corporate deposits also contributed to the growth of the Bank's total deposits, with the size of the corporate deposit portfolio rising to EGP 78.490 bn by the end of September 2024, compared to 60.936 bn by the end of December 2023, to grow by 29%, with an increase of about EGP 17.553 bn, clinching fifth place on the First Bank list of the fastest growing banks in corporate deposits during the first 9 months of 2024.

In terms of granting credit to the Bank, the total customer loans portfolio increased by 42% with an increase of LE19.281 bn, registering EGP 65.529 bn by the end of September 2024, compared to EGP 26.248 bn by the end of December 2023, clinching second place on the First Bank list of the fastest growing banks in total customer loans during the first 9 months of this year.

This is due to the expansion of the Bank's corporate lending, with the Bank's enterprise loan portfolio rising at a growth rate of 42% and an increase of more than EGP 14 bn, to EGP 47.686 bn by the end of September 2024, compared to 33.588 bn by the end of December 2023, clinching second place on the First Bank list of the fastest growing corporate loan banks in the first 9 months of 2024.

The size of the Bank's syndicated loan portfolio also increased by 46% and an increase of EGP 6.332 bn, reaching EGP 20.227 bn by the end of September 2024, compared to 13.894 bn by the end of December 2023, placing third on the list of the fastest-growing banks on syndicated loans during the first 9 months of 2024.