AAIB achieves the fastest quarterly growth in its deposits portfolio in 9 years, with a growth of 57.61%

AAIB made an extraordinary jump in the volume of its customers' deposits during the first 9 months of last year, with its portfolio rising by 57.61% and an increase of 226.832 billion pounds, marking the fastest quarterly growth in 9 years, and the largest ever increase.

According to the bank's independent financial statements, its customer deposit portfolio rose to 620.571 billion pounds by the end of September, compared to 393.739 billion pounds by the end of 2023, topping the First Bank list of the fastest growing customer deposits during the first 9 months of 2024.

This extraordinary performance reflects the Bank's successful expansion strategy, which relied on attracting a wide range of customers by offering innovative credit products at competitive return prices, along with dynamic market needs analysis and providing customized financial solutions suited to economic changes.

This distinction not only increased quantitative growth, but also strengthened the bank's position as a leading destination in the Egyptian banking sector, as evidenced by the increase in market share to 4.81% of total Egyptian banking sector deposits by the end of September 2024, compared to 3.87% by the end of 2023.

Highlighting the growth rates achieved over the past years, the Bank has grown its deposit portfolio by 49.54% during the first 9 months of 2023, while growth by 24.30% and 5.33% between 2022 and 2021 respectively.

In terms of the performance of its deposit portfolio during the first 9 months of 2020, it rose by 4.92%, while it fell by 6.25% during the same period of 2019.

As for the growth rate of the "Afro-Arab" deposit portfolio during the first 9 months of 2018, it was 2.78%, while it recorded a rise of about 8.72% and 7.52% during the same period in 2017 and 2016 respectively.

Net profits jumped by 122.62%, registering 11.461 billion pounds in the first 9 months of 2024, compared with 5.148 billion pounds in the same period from 2023, an increase of 6.313 billion pounds.

The asset portfolio climbed to 861.130 billion pounds by the end of September 2024, compared to 538.812 billion pounds by the end of 2023, with growth of 59 .82% and an increase of 322.318 billion pounds.