Arab Finance: 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.