SAIB achieves $12mln net profits in 2019 initial financials

SAIB's interest expenses recorded $401mln in 2019

  

SAIB's interest expenses recorded $401.2 million in 2019

Cairo – Mubasher: Societe Arabe Internationale de Banque (SAIB) turned to net profits of $12.39 million in 2019, versus net losses of $19.25 million in 2018, the lender’s financial indicators showed.

The bank’s interest income declined to around $495.47 million last year from $503.7 million in 2018, according to the bank’s statement to the Egyptian Exchange (EGX) on Monday.

Meanwhile, the interest expenses recorded $401.2 million in 2019, down from $428.4 million in the prior year.

The earnings per share (EPS) stood at $0.83 in 2019, against $1.28 losses per share in the earlier year.

It is noteworthy to mention that during the first nine months of 2019, the bank saw net profits of $9.245 million in 2019, compared to $16.508 million losses in the year-ago period.

Source: Mubasher

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