The Bank of the Arab International Banking Company “Saib” revealed that it had received a letter with the approval of the Central Bank of Egypt to appoint Mohamed Ahmed Mohamed Youssef as a non-executive member of the bank’s board of directors.
The bank clarified that Mohamed Ahmed is a representative of the share of the Arab Contractors Company for Investments.
The Arab International Banking Company “SAIB” turned profitable during 2019, achieving profits of $12.4 million, compared to losses of $19.3 million in 2018.
The bank said in a disclosure today that profits grew by 164% during the past year.
The bank’s financial statements showed a pre-tax profit of $50.3 million at the end of 2019, compared to $21.8 million at the end of the previous year.
The bank’s interest income declined by about 2% last year, achieving $495.474 million, compared to $503.744 million in the previous year.
While the bank’s total loans rose during the past year to record 1.575 billion dollars, compared to 1.511 billion dollars at the end of the previous year, and the bank’s deposits rose by 35 million dollars to record 3.891 billion dollars, compared to 3.856 billion dollars at the end of the previous year.
The bank’s retained earnings declined last year by 45% to record $33.469 million, compared to $61 million at the end of 2018.
The Bank of the Banking Company launched its new brand at the beginning of this year to enhance the identity of the bank and its mental image with customers, and to support the expansion plans of the current board of directors.
Tariq El-Khouly, Chairman and Managing Director of the bank, said in a previous statement that “the new identity and brand reflects the bank’s core values of “unity, trustworthiness, strength, and stability.”
He added that the bank is taking multiple steps that will enhance the bank’s position in the local market, achieve the targeted spread among a wide segment of customers, expand strongly in serving citizens, and consolidate the idea of financial inclusion in the Egyptian society.
The central article approving the appointment of Mohamed Ahmed as a member of the Board of Directors of the Banking Company’s Bank was written in Al Borsa newspaper.