Cairo – Mubasher: The unaudited financial results of Societe Arabe Internationale de Banque (SAIB) showed net profits of $4.115 million in the first quarter of 2020, up by 424% year-on-year (YoY) from nearly $785,000.

The bank’s interest income grew by 8% to $111.66 million in the January-March period from $120.89 million in the corresponding period a year earlier, according to a bourse disclosure on Thursday.

The deposits rose by 2% to $3.99 billion from $3.89 billion, while the loans increased by 2% to $1.661 billion from $1.575 billion.

It is worth mentioning that in 2019, SAIB turned to net profits of $12.39 million, versus net losses of $19.25 million in 2018.