Egypt: Saib Bank reports 78% growth in profits in 1H 2023

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%.