ICEC

SAIB-Egypt bank H1 profits fall 24%

Egypt’s Societe Arab Internationale de Banque (SAIB) reported a 24 percent fall in its first half profits between December 2016 to June 2017.

The bank made profits worth $23.421 million at the end of June 2017 from $30.982 million at the end of December 2016.

Loans surged 18.6 percent to reach $1.530 billion from $1.289 billion. Deposits also slightly rose 2 percent to $3.420 billion at the end of June 2017, compared to $3.320 billion at the end of December 2016.

The bank’s investments in government’s treasury bills also increased to $617.7 million from $608.4 million in December.

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