Egypt’s SAIB bank records net profit $16 million

Egypt’s Societe Arab Internationale de Banque (Saib) reported on Thursday that its net profit recorded about 306 million Egyptian pounds ($16 million) in the first quarter of the year.

The net profit increases compared to $8.95 million during the same period in 2021.

The return on loans and similar revenues during the first six months of this year decreased to $184.6 million compared to $197.79 million during the same period last year, according to Saib’s statement sent to EGX.

The cost of deposits amounted to $117.7 million during H1 of 2022, while it recorded during the first six months of 2021 $131.3 million.

While the bank realised a net income of $66.8 million during the first half of this year, compared to $66.4 million during the same period last year.