SAIB Bank’s profits climb 121% YoY in Q1 2024

Net profits registered $12.3 million in Q1 2024, up from $5.561 million in Q1 2023

Staff Writer, Arab Finance

May 14, 2024

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Societe Arabe Internationale De Banque’s (SAIB) net profits after tax surged 121% year-on-year (YoY) in the first quarter (Q1) of 2024, according to the bank’s financial indicators.

Net profits registered $12.3 million in Q1 2024, up from $5.561 million in Q1 2023.

Meanwhile, net interest revenues rose 25% YoY to $110.173 million from $88.116 million in Q1 2023.

Deposits dropped 20% YoY to $2.211 billion in the January March period from $2.757 billion in the corresponding period last year.

Similarly, loans went down 17% YoY to $1.273 billion from $1.527 billion.

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