Egypt: SAIB records 69% higher net profits in H1-24

The EGX-listed bank generated net interest income valued at $214.52 million in H1-24, an annual growth of 15% from $186.52 million, according to the financial results

Staff Writer, Mubasher

August 14, 2024

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Société Arabe Internationale de Banque (SAIB) posted 69% year-on-year (YoY) higher net profits after tax at $20.54 million in the first half (H1) of 2024, compared to $12.13 million.

The EGX-listed bank generated net interest income valued at $214.52 million in H1-24, an annual growth of 15% from $186.52 million, according to the financial results.

Earnings per share (EPS) hiked by 68% YoY to $0.62 in the first six months (6M) of 2024 from $0.37.

SAIB reported customer deposits amounting to $2.30 billion as of 30 June 2024, lower by 16% than $2.75 billion at the end of December 2023.

In 2023, the lender logged net profits after tax valued at $31.15 million, up 3% from $30.15 million in 2022.

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