The saib Bank achieved earnings before interest and taxes (EBIT) of $33.6m during the first half (H1) of 2021, compared to $27.6m during the same period last year, with a growth rate of 22%, driven by an increase in net income from return and trading.
According to a statement, saib’s business model showed its flexibility to keep pace with all changes, by achieving a net profit of $8.95m during H1 of 2021, compared to $7.98m in H1 of 2020, an increase of $1m (12.2%). The bank maintained its strong growth despite the challenges of the COVID-19 pandemic.
The net income from the return increased by 6.5%, driven by the rise in the bank’s portfolio of customer loans, and the decrease in the cost of deposits played an important role in the increase in the net income from return.
The net income from fees and commissions increased by 12.1%, mainly due to higher commissions on retail loans, as well as commissions on foreign trade.
The net income from trading also increased by 24.7% in H1 of 2021, affected by the increase in foreign exchange earnings.
The bank has taken proactive steps in managing credit risks, as the impairment burden amounted to $9.2m in H1 2021, compared to $2.7m in H1 2020.
Net loans and facilities to customers and banks increased by $230.4m (13.7%) driven by an increase in total loans to individuals by 25%. In addition, loans to corporate customers increased by 11%, and customer deposits increased by $229.1m (6%). The loan-to-deposit ratio was 49.9% on 30 June 2021, compared to 46.7% on 31 December 2020.
The capital adequacy ratio reached 15.1% in H1 2021, compared to 16.45% in H1 2020, which contributes to achieving the bank’s ambitious growth plan during 2021.
To complement the efforts aimed at achieving community development, saib has taken tangible steps towards meaningful activities for social responsibility and continued its endeavors to participate in events affecting the community, where social responsibility represents an important aspect of the bank’s business strategy. The Bank has participated in several projects in 2021 to consolidate its role towards the society.
