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Societe Arabe Internationale de Banque’s (SAIB) net profits after taxes dropped by 28% year on year (YoY) to $5.561 million during the first quarter (Q1) of 2023 from $7.679 million, according to financial indicators filed to the Egyptian Exchange (EGX) on May 14th.
Interest income edged down 6% YoY to $88.116 million in the three-month period ended March 31st from $94.206 million.
Established in 1976, SAIB Bank is engaged in the provision of retail, corporate, and investment banking products and services through a network of 21 branches located across Egypt and abroad. It also offers Islamic banking products and solutions through its branches.
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