SAIB sees 46% higher profits in Q1-22 unaudited financials

Reuters Images/Mohamed Abd El Ghany

The bank's net interest income retreated by 3%

Staff Writer, Mubasher

May 30, 2022

PHOTO

Cairo - The unaudited financial results of Societe Arabe Internationale De Banque (SAIB) reported a 46% year-on-year (YoY) increase in net profits to $7.67 million in the first quarter (Q1) of 2022 from $5.25 million.

The bank's net interest income retreated by 3% to $94.20 million in Q1-22, compared to $97.56 million in Q1-21, according to a bourse filing on Sunday.

It is noteworthy to mention that in 2021, the bank's net profits decreased to $19.93 million from $20.44 million in the year-ago period.

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