Societe Arabe Internationale de Banque (SAIB) reported an 84% year-on-year (YoY) leap in its net profit in 2020, logging $20.44 million, compared to $11.1 million a year earlier, the unaudited financial results showed.
The bank’s interest income retreated to $399.2 million last year from $495.47 million in 2019, according to a bourse disclosure on Sunday.
The profit surge was ascribed to a 33% YoY increase in net interest income as a result of a 14% ($207 million) rise in net loans and credit facilities at the end of 2020 as well as a drop in the cost of deposits.
In addition, retail loans soared by 60%, while corporate loans went up by 12%.
During the first nine months of 2020, SAIB logged $13.18 million in net profits, up from 9.245 million in the corresponding period a year earlier.
