Egypt: Saib net profits rise 163% to $28mln in 1H 2024

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Saib, a leading bank operating in Egypt, has reported a significant increase in its financial performance for the first half of 2024, with net profit before tax reaching EGP 1.4bn ($29.2m) compared to EGP 603m ($19.5m) in the same period last year. This represents a growth rate of 133%.

The bank’s net profit for the first six months of 2024 amounted to EGP 987m ($20.5m), compared to EGP 375m ($12.1m) at the end of June 2023, marking a 163% growth.

The bank’s financial statements show that net interest income surged by 72%, reaching EGP 3.56bn ($74.2m) by the end of June 2024, up from EGP 2.07bn ($67.02m) at the end of June 2023. This growth was driven by an increase in the portfolio of loans and advances across all business sectors.

Net income from fees and commissions also rose by approximately 104%, reaching EGP 548m ($11.4m), compared to EGP 269m ($8.7m). Additionally, net operating income increased by 64%, amounting to EGP 4.08bn ($84.9m), up from EGP 2.49bn ($80.6m).

Saib’s total local currency deposits rose by EGP 8bn, a growth rate of 13%, reaching EGP 67bn by the end of June 2024, compared to EGP 59bn by the end of December 2023. Foreign currency deposits increased by $70m, or 8%, reaching $909m, compared to $839m.

The bank’s portfolio of local currency loans and facilities grew by EGP 7.4bn, a 23% increase, reaching EGP 39.5bn by the end of June 2024, compared to EGP 32.1bn by the end of December 2023. Foreign currency loans and facilities amounted to $457m, compared to $455m.

The ratio of total loans and facilities to customer deposits was 55.54% by the end of June 2024, compared to 54.22% by the end of December 2023, according to the bank.

During the first six months of 2024, bank saib opened three new branches in Damanhour, Minya, and New Cairo, bringing the total number of branches to 44, along with 149 ATMs. This expansion aligns with the bank’s policy to reach a broader customer base and promote financial inclusion.