Societe Arabe Internationale de Banque (SAIB) reported turning into profitability during the first quarter of 2019.
SAIB logged around $785,000 in net profits in the January-to-March period, versus losses of nearly $290,000 in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
The lender ascribed the positive turn in its Q1 financials to the 23% growth in net income from return on the back of lower costs of deposits.
The bank’s interest revenues slid to $120.89 million in Q1-19 from $131.88 million in Q1-18.
Meanwhile, deposits surged to $4.02 billion in the three-month period ended 31 March, compared to $3.85 billion in the corresponding period a year earlier.
In addition, loans rose to $1.55 billion in Q1-19 from $1.51 billion in Q1-18.
For the full-year 2018, SAIB reported losses of $7.5 million, against profits of $36.4 million in the previous year.