AAIB tops fastest growing banks in financial investment during 9M-2024
Arab African International Bank (AAIB) significantly boosted its financial investments over the past year, as reflected in the remarkable growth of its total portfolio, rising by 55.22% in the first 9 months of 2024, to record EGP 261.702 bn by the end of September 2024, compared to EGP 168.602 bn by the end of 2023, with an overall increase of EGP 93.100 bn.
This significant performance led AAIB to top the fastest growing banks in financial investments list in the first 9 months of 2024, compared to fifth place in the same period in 2023.
Overall, AAIB achieved a strong performance over the past year, jumping its net profit by 122.62%, registering EGP 11.461 bn in the first 9 months of 2024, compared to EGP 5.148 bn in the same period from 2023, with an increase of EGP 6.313 bn.
Profit before income taxes rose by 129.49%, reaching EGP 16.884 bn during the first 9 months of 2024, compared to EGP 7.357 bn in the same period from 2023, an increase of EGP 9.526 bn.
Net interest income rose to EGP 21.683 bn during the first 9 months of 2024, compared to EGP 11.047 bn during the same period of 2023, a growth of 96.28% and an increase of EGP 10.635 bn.
Net fees and commissions income rose from EGP 2.200 bn during the first 9 months of 2023, to EGP 3.432 bn during the same period of 2024, with a growth rate of 55.98% and an increase of EGP 1.231 bn.
The asset portfolio climbed to EGP 861.130 bn by the end of September 2024, compared to EGP 538.812 bn by the end of 2023, with growth of 59 .82% and an increase of EGP 322.318 bn.
The Bank's total customer loans jumped by EGP 43.077 bn during the first 9 months of this year, registering EGP 197.454 bn by the end of September 2024, compared to EGP 154.377 bn by the end of 2023, with a growth of 27.90%
Customer deposit portfolio rose by 57.61% in the first 9 months of this year, reaching EGP 620.57 bn by the end of September 2024, compared to EGP 393.7 bn by the end of 2023, an increase of EGP 226.83 bn.
