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SAIB Bank posts EGP 5.25 M

SAIB Bank posts EGP 5.25 M

ArabFinanceSociete Arabe Internationale De Banque (SAIB Bank) (SAIB) posted a net profit of EGP 5.250 million in quarter one (Q1) 2021, according to the company’s May 11th financial statements filed to the Egyptian Exchange.

This marked a Year on Year rise of 27% when compared to EGP 4.115 million in Q1 2020.

The bank announced that the Arab International Bank bought 654,466 shares valued at $2.879 million (EGP 45.34 million).

The Egypt-based bank is engaged in the provision of retail, corporate, and investment banking products and services through a network of 21 branches located across Egypt and abroad. It also offers Islamic banking products and solutions through its branches.

At press time, the conversion rate is $1 = EGP 15.68

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