Cairo – Mubasher: Societe Arabe Internationale de Banque (SAIB) deposited around EGP 1.38 billion in the Central Bank of Egypt (CBE) as of April.
The interest-free deposit has an 18-month maturity, SAIB said in a recent statement to the Egyptian Exchange (EGX).
In the first quarter of 2019, SAIB turned profitable, logging $785,000, against a loss of $290,000 by the end of Q1-18.
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.
