SAIB turns profitable in H1

SAIB reported net profits of $6.89mln

Cairo – Mubasher: Societe Arabe Internationale de Banque (SAIB) announced turning to a profit during the first half of 2019.

SAIB reported net profits of $6.89 million in the six-month period ended 30 June, against a loss of $3.82 million in the corresponding period a year earlier, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The bank’s net interest income slid to $32.2 million in H1-19, compared to $34.7 million in H1-18.

During the three-month period ended 31 March, SAIB turned to profitability of around $785,000, versus losses of nearly $290,000 in the year-ago period.

Source: Mubasher

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