Saib Bank reports strong Q1 2024 profits with 238% growth rate – Dailynewsegypt
Saib Bank achieved net profits of EGP 581m ($12.3m) during the first quarter (Q1) of 2024, compared to EGP 172m ($5.6m) in the same period of 2023, reflecting an impressive growth rate of 238%.
According to a statement by the bank, its profits before income taxes reached EGP 909m ($19.2m) at the end of March 2024, compared to EGP 307m ($9.9m) in March 2023, representing a growth rate of 196%.
Net revenues from the bank’s activities amounted to EGP 2.19bn ($46.4m), up from EGP 1.28bn ($41.5m) in the previous year, with a growth rate of 71%. Net income from revenue increased by 93% to reach EGP 2.01bn ($42.6m), compared to EGP 1.04bn ($33.8m), driven by an expansion in the portfolio of loans and advances across all business sectors.
The bank’s net income from fees and commissions also saw significant growth, reaching EGP 275m ($5.8m), compared to EGP 158m ($5.1m).
Saib Bank highlighted its performance in deposits, with total deposits in local currency reaching EGP 63bn by the end of March 2024, up from EGP 59bn at the end of December 2023. Additionally, total deposits in foreign currencies increased to $882m, compared to $839m.
In terms of loans and facilities to customers, the bank recorded a 12% increase in local currency loans, reaching EGP 35.9bn by the end of March 2024 (compared to EGP 32.1bn in December 2023). Loans and facilities in foreign currencies amounted to $454m, and the percentage of total loans and facilities to customers stood at 54.87%, compared to 54.22%.
Saib Bank expanded its presence during the first three months of 2024 by opening the Damanhour branch, bringing the total number of branches to 42, in addition to 136 ATMs. This move aimed to enhance customer accessibility and promote financial inclusion.
Beyond financial performance, Saib Bank continued its commitment to social responsibility. During Ramadan, the bank sponsored the “El-Ozouma” initiative for the sixth consecutive year. The initiative involved a bus tour across cities such as Tanta, Mahalla, Kafr El-Sheikh, Shebin El-Kom, and Damanhour, distributing Ramadan boxes and organizing public Iftar gatherings (Mawa’ed Al-Rahman) in Kafr El-Sheikh.
Furthermore, Saib Bank contributed to the Tahya Masr Fund’s “Doors of Charity 2024” initiative, providing food boxes to support low-income families nationwide. Additionally, the bank organized an entertainment trip for over 100 children with disabilities from Damanhour to visit Ski Egypt, in collaboration with the Ministry of Youth and Sports, promoting inclusivity across various fields.