Egypt’s SAIB: Q3 Profits Grow by 6%

Egypt-based Société Arabe Internationale de Banque (SAIB) has announced on Monday that the bank’s profits surged by EGP 1.2 million (or 6.1%) to EGP 20.9 million by the end of last September, against EGP 19.7 million for the same period a year earlier.

SAIB’s financial results showed an increase of EGP 456.1 million (or 74.8%) in the lender’s investments in treasury bills to register EGP 1.1 billion by the end of the third quarter of 2013, versus EGP 609.7 million by the end of December of 2012.

Moreover, SAIB’s loan and credit facilities portfolio fell by EGP 12.1 million (or 1.8%) to EGP 644.04 million in Q3/13, opposed to EGP 656.14 million a year earlier.

On the other hand, SAIB’s total assets grew by EGP 563.2 million (or 21.9%) to EGP 3.1 billion by September-end, versus EGP 2.6 billion by December-end.

The lender’s deposits portfolio also hiked by EGP 535.5 million (or 26.4%) to register EGP 2.6 billion by the end of September 2013, against EGP 2.03 billion by 2012-end.