saib achieves net profit of $30.16m in 2022 with growth rate of 51%

Hossam Mounir
2 Min Read

saib achieved a net profit of $30.16m, equivalent to EGP 923.69m, in 2022, compared to $19.93m, equivalent to EGP 313.28m, during 2021, a growth rate of 51%.

According to a bank statement, net income from returns amounted to $143.2m in 2022, compared to $132.2m in 2021, a growth rate of 8%. Net income from fees and commissions increased by 15%, to reach $22.01m, compared to $19.22m. Net trading income of $10.97m, compared to $6.34m.

During 2022, the bank increased the provision for expected credit losses by $27.68m, compared to $19.99m in 2021.

The bank’s financial statements revealed that total loans and facilities to customers in local currency increased in 2022 to EGP 29.1bn, compared to EGP 26.6bn in 2021, with a growth rate of 9%, and total loans and facilities to customers in foreign currencies increased by 8%, to reach $514m, compared to $477m driven by the activity of all business sectors.

Total deposits in local currency increased in 2022 to EGP 50.9bn, compared to EGP 48.8bn in 2021, an increase of 4%, and total deposits in foreign currencies increased to $889m, compared to $854m, an increase of 4%.

According to the bank, the ratio of total loans and facilities to customers to customer deposits reached 57.3% on 31 December 2022, compared to 54.7% on 31 December 2021.

The bank indicated that during 2022, the bank opened four branches in Mohandessin, Shebeen El-Kom, Kafr El-Sheikh, and Adly, bringing the bank network to 39 branches in December 2022, and the number of ATMs was also increased to 122 in 2022.

During 2022, the bank also launched the internet banking service for corporate customers, within the framework of the bank’s digital development plan, keeping pace with the technological development witnessed by the banking sector, and in support of the Central Bank of Egypt’s plan for financial inclusion.

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