In June 2022, saib achieved a net profit of $16m, compared to $8.95m in June 2021, with a growth rate of 79%. The bank said, in a statement on Tuesday, that the net income from return amounted to $66.9m compared to $66.4m, while the net income from fees and commissions increased by 25% to $10.9m, compared to $8.7m, and the net trading income increased by 125%, affected by the increase in foreign exchange earnings and trading in debt instruments, to reach $7.53m compared to $3.34m. The bank strengthened the provision for expected credit losses by $7.6m at the end of June 2022, compared to $9.2m in June 2021. The bank indicated that the total loans and facilities for customers in local currency increased by the end of June 2022 to EGP 30.8bn compared to EGP 26.8bn in December 2021, with a growth rate of 15%, and the total loans and facilities for customers in foreign currencies increased by 9%, explaining that this increase came driven by growth across all business sectors. Deposits in local currency witnessed an increase of 1% at the end of June 2022 compared to the end of December 2021, and deposits in foreign currency increased by 7%, and the ratio of total loans and facilities to customers' deposits amounted to 61.1%, compared to 55.1%. With regard to asset quality, non-performing loans recorded 5.27% of the total loan portfolio, with a strong coverage ratio of 111.29% in June 2022. According to the bank, during the first six months of 2022, the branch network was increased, with the opening of a Lebanon branch in Mohandessin, bringing the number of branches to 36 by the end of June 2022. It explained that within the framework of the digital development plan pursued by the bank, in line with the technological development witnessed by the banking sector, and in support of the plans of the Central Bank of Egypt for financial inclusion, the banking internet was implemented for the bank's clients of companies and establishments during the month of May 2022, pointing to the high rate of digital transformation and the use of electronic means and channels for payment. It pointed out that the volume of online banking payments amounted to EGP 411m in June 2022, compared to the end of June 2021, an increase of 220% and the number of transactions reached 21,213 transactions, compared to 7,319 transactions, an increase of 190%. The volume of government payments amounted to EGP 3.4bn at the end of June 2022, an increase of 8% compared to the end of June 2021. As for the number of e-wallet transactions, it reached 2.1 million transactions worth EGP 3.9bn in June 2022, compared to 170,551 transactions worth EGP 154m in June 2021. The bank was one of the first to launch the IPN instant payments service, which was recently announced by the Central Bank of Egypt in cooperation with the Egyptian Banks Company, and the volume of transactions made through the InstaPay application for instant transfer amounted to EGP 130m until the end of June 2022 . It has been ranked as the best bank to advance in digital transformation by Global Brands magazine. The bank indicated that it is continuing its efforts aimed at benefiting the community and achieving community development, as it has signed cooperation protocols with several institutions in the fields of releasing indolent women, treating children with cancer, donating dialysis devices, and integrating people of determination into society, in addition to supporting the sports field.
