Egypt - saib bank achieved pre-tax and provisions profits of EGP 1.6bn ($51.9m) in September 2023, up from EGP 1.06bn ($54m) in September 2022, representing a growth rate of 51%, according to a statement released on Sunday.

The bank also reported net profits of EGP 970m ($31.4m) before tax, compared to EGP 760.6m ($38.9m) in the same period last year, with a growth rate of 28%. The net profits after tax reached EGP 588m ($19m), compared to EGP 518m ($26.5m) with a growth rate of 13.5%.

The statement revealed that the net income from local currency operations increased by 39%, reaching EGP 2.22bn in September 2023, compared to EGP 1.6bn in September 2022. The net income from foreign currency operations also increased by 36%, reaching $30m, compared to $22m.

The net income from fees and commissions in local currency increased by 13%, reaching EGP 359m, compared to EGP 317m. The net income from fees in foreign currency increased by 118%, reaching $541 thousand, compared to $248 thousand.

The statement added that the net activity revenues in local currency recorded a 33% increase, reaching EGP 2.65bn in September 2023, compared to EGP 2bn in September 2022. The net activity revenues in foreign currency increased by 16%, reaching $34.4m, compared to $29.7m.

As part of its hedging policy, the bank reinforced the expected credit loss provision by $20.5m during the first nine months of 2023, compared to $15.2m during the same period in 2022.

The statement also showed that the total customer deposits in foreign currency amounted to $2.8bn by September 2023, compared to $2.9bn in December 2022. The deposits in local currency increased by 14%, reaching EGP 58bn, compared to EGP 51bn. The deposits in foreign currency increased by 0.2%, reaching $891m, compared to $889m.

The total loans and facilities for customers in foreign currency amounted to $1.5bn by September 2023, compared to $1.7bn in December 2022. The loans and facilities for customers in local currency increased by 9%, reaching EGP 31.7bn, compared to EGP 29bn. The loans and facilities for customers in foreign currency decreased by 8%, reaching $475m, compared to $514m.

The statement indicated that the ratio of loans and facilities to customer deposits was 54.25% in September 2023, compared to 57.35% in December 2022.

The bank further mentioned that it expanded its branch network by opening two new branches, the Aviation branch in Cairo and the Republic branch in Port Said, bringing the total number of branches to 41. The number of ATMs also increased to 143 machines in September 2023.

Regarding its role in corporate social responsibility, the bank explained that it signed several agreements to provide support in the fields of health, sports, solidarity, education, and women’s empowerment to contribute to the stability and growth of society.

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