Saib Reports EGP 1.74Bn Net Profits In December 2024, Achieving 81% Growth

(MENAFN- Daily News Egypt) Saib bank concluded 2024 with an exceptional 81% surge in net profits, reaching EGP 1.74bn compared to EGP 963m in 2023. Pre-tax profits also experienced a robust 60% increase, rising to EGP 2.54bn from EGP 1.58bn the previous year.

Net interest income climbed 60% to EGP 7.09bn in December 2024, up from EGP 4.43bn a year earlier. This expansion was driven by the bank's growing loan and credit portfolio across all business sectors. Additionally, net fees and commission income nearly doubled, soaring 93% to EGP 1.06bn compared to EGP 551m in 2023. Overall operating income increased by 65%, reaching EGP 8.62bn, up from EGP 5.22bn.

Afdal Naguib, CEO & Managing Director

The bank's total local currency loans and facilities to customers expanded by 35%, adding EGP 11.3bn to reach EGP 43.4bn in December 2024, compared to EGP 32.1bn in the previous year. This growth was driven by strong performance across all business segments, with personal loans surging by 58% and corporate loans increasing by 23%.

Total local currency deposits also witnessed a 24% rise, growing by EGP 14.4bn to reach EGP 73.6bn by the end of 2024, compared to EGP 59.2bn in 2023. The bank's loan-to-deposit ratio stood at 56% as of December 31, 2024, up from 54% a year earlier.

On the performance front, the return on capital stood at 10.37%, while the return on average equity reached 9.71%.

saib bank operates through 43 branches and 150 ATMs, with three new branches opening in 2024 in Damanhour (Beheira), Minya (Minya), and Agora (New Cairo). This expansion aligns with the bank's strategy to broaden its customer base and enhance financial inclusion.

Beyond its financial achievements, saib bank remains steadfast in its commitment to social responsibility, particularly in education, healthcare, support for people with disabilities, charitable initiatives, and sports development.

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