Saib Bank attained another effective year in 2023, with pre-tax revenues of EGP 1.6 bn ($51.3 m), a 32% boost from EGP 1.2 bn ($48.4 m) in 2022. Net revenue likewise increased by 29%, reaching EGP 963m ($31.2 m), compared to EGP 746m ($30.2 m) in 2022. The bank provided these outcomes in spite of dealing with different financial obstacles in 2023, such as international inflation and geopolitical stress in the Middle East, which impacted the general financial environment. Usual Business Activities The bank associated the development in revenues to its typical organization activities, which included the contribution of all service lines. This showed the versatility of the bank’s service design, as earnings from returns in regional currency increased by about 25%, reaching EGP 4.4 bn ($143.5 m) in December 2023, up from EGP 3.5 bn ($143.2 m) in 2022. Net activity incomes in regional currency likewise tape-recorded a 20% boost, reaching EPG 5.2 bn ($168.9 m) in 2023, compared to EGP 4.4 bn ($175.8 m) in 2022. The bank stated that this was driven by the growth of its banking activities, which revealed a 10% development in the portfolio of loans and centers to clients in regional currency by the end of 2023. The overall portfolio in regional currency reached EGP 32.1 bn in 2023, compared to EGP 29.1 bn in 2022. Client deposits in regional currency grew by 16%, reaching EGP 59.2 bn, compared to EGP 50.9 bn. The bank included that in 2023, it continued to handle dangers carefully and proactively to handle any prospective threats developing from the financial obstacles and their effect on property quality. This consisted of reserving an arrangement of $25m to cover possible losses. The bank’s management provided high concern to liquidity management and intended to keep an appropriate level of liquidity. This was shown in the bank’s capability to satisfy the regulative requirements of CBE concerning liquidity ratios in both regional and foreign currencies. Capital Adequacy Ratio The strong monetary position of the bank assisted to enhance its capital base and hence its capital adequacy ratio, which reached 19.42% in 2023, well above the minimum needed by CBE, which is 12.5%. This offered the bank the capability to grow its loan portfolio and financial investment possessions. The bank stressed its dedication to serving the Egyptian economy by offering monetary services to its consumers and protecting adequate funding for both business and private customers, through its network of branches, which includes 41 branches, in addition to 145 ATMs. The bank likewise provides its services through its digital platform. According to a report provided by the bank’s Board of Directors, the share of syndicated loans in the overall credit portfolio reached 30.8% in December 2023. The bank validated that nationwide tasks were a leading concern for the syndicated loans sector, as they were crucial for attaining the state’s strategy to enhance financial efficiency. It likewise explained that it targeted sectors that were defined by development, advancement, and stability. The syndicated loans sector was eager on diversifying its funding operations, as it focused on securitization operations given to business with strong solvency in the genuine estate and financing sectors, which provided great prices. The securitization portfolio reached EGP 1.407 bn in 2023. Home Mortgage Finance Saib Bank reported a 22% development in its realty funding portfolio for low- and middle-income individuals under CBE’s efforts, reaching EGP 1.04 bn in 2023. The bank stated the funds assigned for these efforts increased by EGP 312.1 m, or 54%, in 2023 compared to 2022. The bank likewise stated it funded about 803 clients, which was 59% of the 1,353 applications gotten from the Social Housing Fund in 2023. The bank included that its standard realty funding loans portfolio increased by 12% in 2023 to EGP 44.7 m, while the funding used through the leasing item to brand-new clients rose by 347% to EGP 78.1 m. Moreover, the bank stated it offered “Crystal Certificates” worth EGP 1.1 bn in 2023. It likewise kept in mind that “Smart EGP Deposits” for one month to one year, targeting people and organizations, totaled up to EGP 2.1 bn. Cards & Electronic Wallets The bank likewise exposed that the variety of withdrawals and deposits from its cards and electronic wallets reached EGP 3.3 m, with overall deals totaling up to EGP 6.2 bn in 2023. The bank discussed that the variety of Saib Wallet consumers reached 9,300, with the variety of deals increasing in 2023 to reach 100,000 deals. The deal volume reached about EGP 188m. He mentioned that the variety of deals associated with the federal government payments service increased to 14,236 deals, with a worth of around EGP 7bn. Saib Bank likewise revealed the development of its charge card portfolio in the year by 10% in 2023, compared to 2022, to reach 42,000. It kept in mind that there is likewise a boost in the variety of direct debit cards by 27% to 122,398. According to the bank, the volume of deals used charge card reached EGP 1.4 bn, a boost of 34%, while the volume of deals used direct debit cards reached EGP 3.9 bn, a boost of 23%. In the exact same context, Saib Bank exposed that the variety of customers to the instantaneous payments network “InstaPay” had actually reached 22,519 in 2023. It showed that the overall inbound transfers through that network totaled up to EGP 3.7 bn, or 55%, compared to outbound transfers totaling up to EGP 3.1 bn, or 45% of overall deals.
Saib Bank reports EGP 1.6 bn pre-tax earnings in 2023
