Arab International Banking Company “SAIB” Bank achieves net profits of 581 million Egyptian pounds

The Arab International Banking Company achieved net profits of 581 million Egyptian pounds (equivalent to 12.3 million US dollars) during the financial period ending on March 31, 2024, compared to 172 million Egyptian pounds (equivalent to 5.6 million US dollars), with a growth rate of 238% over the end of March 2023. Net profit before income taxes amounted to 909 million Egyptian pounds (equivalent to 19.2 million US dollars) during the financial period ending on March 31, 2024, compared to 307 million Egyptian pounds (equivalent to 9.9 million US dollars), with a growth rate of 196% during the same financial period. From the previous year 2023.
In this regard, the Chief Executive Officer and Managing Director, Mr. Afzal Naguib, stated that during the first quarter of 2024, SAIB Bank continued to achieve strong operational performance in its main business sectors, as net activity revenues reached 2.19 billion Egyptian pounds (equivalent to the amount of 46.4 million US dollars) during the period. The financial period ending on March 31, 2024 compared to 1.28 billion Egyptian pounds (equivalent to the amount of 41.5 million US dollars) with a growth rate of 71% during the same financial period of the previous year 2023. Net income from the return also increased by 93% to achieve 2.01 billion Egyptian pounds (equivalent to the amount 42.6 million US dollars) until March 31, 2024, compared to 1.04 billion Egyptian pounds (equivalent to 33.8 million US dollars) during the same financial period of the previous year 2023, driven by an increase in the portfolio of loans and advances across all business sectors while maintaining capital adequacy rates, as The capital adequacy standard reached 20.19% on March 31, 2024, as well as maintaining high liquidity indicators for high-quality assets, and also maintaining the quality rates of the credit portfolio for companies and individuals. He added that we are working continuously towards developing the bank’s strategy based on the changes that occur in the banking market, whether on the At the local or international level, taking into account the plans and policies of the state and the Central Bank, we are working to improve the quality of our services and expand and geographical spread to reach more diverse customer segments. During the first months of 2024, the bank’s branch network was increased by opening the Damanhour, Minya and Agora, bringing the number of bank branches to 43 branches and 137 ATMs, which contributed to the bank being close to its customers as well as achieving the principle of financial inclusion.He added that the remarkable development witnessed by the bank in terms of developing and modernizing the digital infrastructure, information technology and electronic channels has witnessed a major leap and has made the bank a strong competitor in the banking market in light of the increasing demand for banking services. We are also working to enhance our customers’ experience and put customer satisfaction on its list of priorities.
In the same context, Deputy Managing Director, Mr. Tariq Abdo, added that the strength of the bank’s business results reflects the ability of our business model to continue growth despite all the market challenges, as total deposits in local currency increased by 6% to reach 63 billion Egyptian pounds on March 31, 2024, compared to 59 billion Egyptian pounds. One billion Egyptian pounds at the end of December 2023. Total deposits in foreign currencies increased by 5% to reach 882 million US dollars, and total loans and facilities to customers in local currency increased by 12% to reach 35.9 billion Egyptian pounds.
He added, “We seek to serve the needs of current and prospective customers by offering new products to serve all segments of society, which contributes to enhancing financial inclusion. The bank’s plans also aim to participate in financing national projects in various fields, which advances the wheel of economic development, in addition to the bank continuing to perform its role.” National Bank to contribute to government and central bank initiatives. He praised the efforts made by all sectors within the bank, which contribute to achieving increasing successes. We will continue to implement our ambitious plans for expansion and digital transformation with the aim of strengthening our position in the banking sector.
Regarding the bank’s role in social responsibility, Abdo said, “At Saib Bank, we seek to provide many social solidarity services in the villages most in need,” noting that the bank cooperates with many institutions that provide social solidarity services in various governorates. Saib Bank continued to carry out many activities and events during the holy month of Ramadan, including sponsoring the “Al-Azouma” initiative for the sixth year in a row, where a bus called “Al-Azouma” toured Tanta, Mahalla, Kafr El-Sheikh, Shebin El-Kom, and Damanhour to distribute Ramadan balls. This year, Ramadan also witnessed the organization of the Al-Rahman Table in Kafr El-Sheikh, sponsored by SAIB, throughout the holy month, and the contribution to the Long Live Egypt Fund initiative, “The Doors of Charity Caravan 2024,” which distributed food cartons to support the most vulnerable families nationwide. In the field of health and supporting the medical sector for those who are unable, the bank signed a cooperation protocol with the Kasr Al-Aini Faculty of Medicine, Cairo University – Department of Ophthalmology, to contribute to providing the eye surgery service that Kasr Al-Aini provides free of charge to citizens, which is in line with the bank’s current strategy, which adopts several projects aimed at Providing support to a large number of citizens. He added, “We are keen to participate in supporting the country’s sustainable development efforts and creating added value within society.”