saib Bank reports EBIT of $ 33.6 million in the first half of 2021
Saib bank achieved earnings before interest and taxes (EBIT) of $ 33.6 million in the first half (S1) of 2021, compared to $ 27.6 million in the same period last year, with a growth rate of 22%, driven by an increase in return and trading income.
Saib’s business model has shown its flexibility to keep pace with any change, according to a statement, achieving a net profit of $ 8.95 million in the first half of 2021, up from $ 7.98 million in the first half of 2020. , an increase of $ 1 million (12.2%). The bank has maintained its strong growth despite the challenges of the COVID-19 pandemic.
The net yield result increased by 6.5%, driven by the increase in the bank’s customer loan portfolio, and the fall in the cost of deposits played an important role in the increase in the net yield result.
The net result of fees and commissions increased by 12.1%, mainly due to the increase in commissions on loans to individuals, as well as commissions on foreign trade.
Net income from trading activities also increased by 24.7% in the first half of 2021, affected by higher currency gains.
The bank has taken proactive steps in managing credit risk, with the impairment charge rising to $ 9.2 million in the first half of 2021, compared to $ 2.7 million in the first half of 2020.
Net loans and facilities to customers and banks increased by $ 230.4 million (13.7%) thanks to an increase in total loans to individuals of 25%. In addition, business loans increased 11% and customer deposits increased $ 229.1 million (6%). The loan / deposit ratio was 49.9% as of June 30, 2021, compared to 46.7% as of December 31, 2020.
The solvency ratio reached 15.1% in the first half of 2021, against 16.45% in the first half of 2020, which contributes to the achievement of the bank’s ambitious growth plan during the year 2021.
To complement efforts to achieve community development, saib has taken concrete steps towards meaningful social responsibility activities and continued its efforts to participate in events affecting the community, where social responsibility is an important aspect of the strategy. commercial bank. The Bank participated in several projects in 2021 to consolidate its role vis-à-vis society.