Saib Bank reported a 118% increase in net profit, reaching EGP 1.28bn, equivalent to $26.55m, in September 2024, compared to EGP 588m, equivalent to $19.05m, in September 2023.
The bank also recorded an 88% rise in profit before taxes, amounting to EGP 1.82bn, equivalent to $37.7m, in September 2024, compared to EGP 970m, equivalent to $31.4m, during the same period in 2023.
Net Income Growth
According to a statement from the bank, net income from return increased by 57% to EGP 4.98bn, equivalent to $103.2m, in September 2024, compared to EGP 3.18bn, equivalent to $102.9m, in September 2023. This growth was primarily driven by an expansion in the loan and advance portfolio across all business sectors.
Net income from fees and commissions surged by 110% to EGP 798m, equivalent to $16.52m, compared to EGP 380m, equivalent to $12.31m, during the same period. Additionally, net operating revenues rose by 56% to EGP 5.86bn, equivalent to $121.23m, compared to EGP 3.75bn, equivalent to $121.46m.
Customer Deposits
Saib Bank reported a 24% increase in total deposits in local currency, amounting to an additional EGP 14.51bn. Total local currency deposits reached EGP 73.76bn in September 2024, compared to EGP 59.25bn in December 2023. Deposits in foreign currencies also grew by 6%, rising by $50m to $889m, compared to $839m in December 2023.
Loans and Facilities
The bank stated that total loans and facilities to customers in local currency grew by 35%, increasing by EGP 11.24bn to reach EGP 43.37bn in September 2024, compared to EGP 32.13bn in December 2023. Loans and facilities to customers in foreign currencies totaled $459m, slightly up from $455m during the same period.
According to the Central Bank of Egypt (CBE), the ratio of loans and facilities to deposits increased to 56.16% in September 2024, compared to 54.22% in December 2023.
Geographical Expansion
During the first nine months of 2024, Saib Bank expanded its branch network by adding three new branches in Damanhour, Minya, and New Cairo. The bank now operates through 43 branches and 148 ATMs, in line with its strategy to reach the largest possible customer base.
