Cairo – Mubasher: Societe Arabe Internationale de Banque (SAIBANK) saw an increase in FY16 first quarter profits by 59% year-on-year to $14.64 million (EGP130.3 million) from $9.213 million (EGP82 million).

In 2015, the bank earned $43 million, 24% up from $34.65 million a year earlier.

Earlier, the ordinary general meeting gave the green light to carrying over profits for the fiscal year 2015.

The bank operates with around $150 million in capital, divided into 15 million shares at a par value of $10 each.