saib achieved a net profit of $26.5m (EGP 517.7m) in September 2022, compared to $14.2m (EGP 222.6m) in September 2021, with a growth rate of 87%.
The bank said in a statement that the net profit before taxes amounted to $38.9m, compared to $36.8m, with a growth rate of 6%.
Net income from returns amounted to $105.8m at the end of September 2022, compared to $100.4m at the end of September 2021, with a growth rate of 5%. Net income from fees and commissions increased by 19%, to reach $16.4m, compared to $13.8m. The net income trading $9.96m, compared to $4.94m.
During the first nine months of 2022, the bank increased the provision for expected credit losses by $15.2m, compared to $14.6m compared to the same period in the previous year 2021.
Total loans and facilities to customers in local currency increased on September 30, 2022 to EGP 30.8bn, compared to EGP 26.6bn in December 2021, a growth rate of 16%, while total loans and facilities to customers in foreign currencies increased by 12%, to become $536m, compared to $477m, and that increase was driven by the activity of all business sectors.
Also, total deposits in local currency increased on September 30, 2022, to EGP 53bn, compared to EGP 48.8bn at the end of December 2021, an increase of 9%, while total deposits in foreign currencies increased to $960m, compared to $854m, an increase of 12%.
The ratio of total loans and facilities to deposits reached 57.5% on September 30, 2022, compared to 54.7% on 31 December 2021.
During the first nine months of 2022, the bank’s branch network was increased by opening three branches in Mohandessin, Shebin El-Koum, and Kafr El-Sheikh, bringing the bank’s total branch network to 38 branches in September 2022.
