saib Bank, led by Tarek El-Khouly, Chairperson and Managing Director of the bank, achieved profits before taxes and provisions of EGP 1.07bn, equivalent to $34.7m, during the first half (1H) of 2023, compared to EGP 601.9m, equivalent to $32m, during 1H 2022, a growth of 78%.
The bank’s financial statements revealed an increase in net income from return in local currency by 58% to reach EGP 1.45bn at the end of June 2023, compared to EGP 919m at the end of June 2022, and net income from return in foreign currencies increased by 36% to reach $19m, compared to $14m.
Net income from fees and commissions in local currency increased by 32% to reach EGP 238m, compared to EGP 181m. Net income from fees in foreign currencies increased by 162%, to $831,000 compared to $317,000.
Net activity revenues in local currency increased by 51% to reach EGP 1.75bn at the end of June 2023, compared to EGP 1.16bn at the end of June 2022. Net activity revenues in foreign currencies increased by 20% to reach $23.1m compared to $19.2m.
As a continuation of the bank’s precautionary policy, during the first half of 2023, the bank reinforced the provision for expected credit losses by $15.2m, compared to $7.6m during the first half of 2022.
The bank’s net profit before taxes amounted to EGP 603.2m, equivalent to $19.5m, at the end of June 2023, compared to EGP 458.1m, equivalent to $24.4m, at the end of June 2022, a growth rate of 32%, while the bank’s net profits amounted to EGP 374.9m, equivalent to $12.1m, compared to EGP 301m, equivalent to $16m, a growth rate of 25%.
Total deposits in local currency at the bank increased by 12%, to reach EGP 57.2bn at the end of June 2023, compared to EGP 51bn at the end of December 2022, while deposits in foreign currencies decreased by 4%, to reach $856m, compared to $889m, and the total deposits were denominated in dollars at $2.7bn, compared to $2.9bn.
Total loans and facilities to customers in local currency increased by 10%, to reach EGP 31.9bn at the end of June 2023, compared to EGP 29bn at the end of December 2022, while loans and facilities to customers in foreign currencies decreased by 7%, to reach $480m, compared to $514m, and the total loans, denominated in dollars, reached $1.51bn, compared to $1.7bn.
The ratio of loans to deposits with the bank reached 55.83% at the end of June 2023, compared to 57.35% at the end of December 2022.
The bank indicated that during the first six months of 2023, the bank’s branch network was increased by opening two branches in Cairo and Port Said, so that the number of branches became 41 at the end of June 2023, and the number of ATMs was also increased to 140 machines.
As for the bank’s social responsibility in the health sector, the bank provided support to the Baheya Foundation for Early Detection and Treatment of Breast Cancer to open the next phase of Baheya Hospital in Sheikh Zayed.
In the field of sports, the bank, in cooperation with the Ministry of Youth and Sports, provided financial support to one of the swimming champions from military service injuries to attempt to cross the Channel Sea relay, which is the first attempt in the world of this kind, in addition to signing sponsorship contracts for a number of sports champions with the aim of supporting them in training and participating in championships in preparation for the 2024 Paris Olympics and Paralympics.
Moreover, saib Bank signed a cooperation protocol with the Egyptian Food Bank Corporation, through which the bank will support and empower small farmers by participating in the “Economic Empowerment” project in Beheira Governorate, with the continuation of the annual initiative for the fifth year implemented by the bank to provide daily meals throughout the holy month.
In the field of education, the bank signed a cooperation agreement with the Elsewedy Electric Foundation to sponsor female students in industrial electronics and logistics from the Elsewedy Technical Academy for a period of 3 years. This is within the framework of the bank’s keenness to support women, which achieves the stability and growth of society.
