saib achieves 46% growth in net profit at $7.68m in 1Q 2022

Bank expands its branch network to 36 branches, aims to add five more, with ATMs reaching 165 before year-end

In the first quarter (1Q) of 2022, saib achieved a net profit of $7.68m, compared to $5.25m in 1Q 2021 — a growth rate of 46%.
Also, the net income from returns amounted to $31.6m, down from March 2021's $33.1m, while net income from fees and commissions increased by 61.8%, which the bank attributed to an increase in fees and commissions for retail loans and foreign trade commissions from companies.
Furthermore, net trading income increased by 187.7% due to the increase in foreign exchange earnings.
Additionally, the bank allocated $3.5m to compensate for losses brought about by damping activity, down from $5m.
Total loans and facilities for customers in the local currency also rose to the equivalent of EGP 28.8bn, compared to the equivalent of EGP 26.8bn at the end of December 2021 — an increase of EGP 2bn.
According to the bank, this increase was concentrated in the corporate credit sector and the retail sector, while the total loans and facilities for clients in foreign currencies increased by 3.1%.
This comes as local currency deposits witnessed a slight decrease of 2% at the end of March 2022 compared to the end of December 2021, while foreign currency deposits increased by 4%.
Furthermore, the ratio of total loans and facilities for customers to customer deposits amounted to 58.8% at the end of March 2022, compared to December 2021's 55.1%, while the capital adequacy ratio reached 14.47%.
In other news, saib has opened a new branch on Lebanon Street in Cairo, bringing its total up to 36 branches spread across major cities and governorates.
This comes in line with the bank's plans and ambitious strategy for expansion and geographical spread in various governorates, as well as expanding the base of its customers who wish to obtain banking services and products.
Tarek Al-Khouly — Chairperson and Managing Director of the bank — said that the bank's strategy to develop and modernise the branch network includes equipping the branches and providing them with all capabilities in accordance with the latest systems and standards applied globally, which provide the bank's customers with convenience and speed in the performance of distinguished banking services as per the bank's new identity.
He indicated that the expansion plan pursued by the bank aims to add new branches, change the locations of existing branches to more distinguished ones, and develop existing branches, which contributes to expanding the base of dealers in various categories in order to support the principle of financial inclusion that the state seeks to promote and develop.
For his part, Amr Atallah — Deputy Managing Director of the bank — praised the newly-established branch's look, which combines modern design and the use of modern technology to receive customers and introduce them to the bank's products, facilitate access to the online banking service, and equip the branch with the latest automated teller machines.
He added that the branch includes a group of banking competencies in line with the bank's identity within the Egyptian market.
Amr Nassir — Head of the Retail Banking Group — said that the plan to develop saib branches includes several axes, namely geographical expansion, opening new branches, developing existing branches, renovating them to fit the new identity, and relocating some branches.
"We aim to add other branches that will be opened during the current year across the country, including in Shebin El-Koum and Kafr El-Sheikh, which we chose according to precise criteria, foremost of which is the location and the targeted segment of customers," he added.
Nassir also indicated that five more branches will be added, and that network of ATMs would expand geographically to reach 165 machines before the end of the year.