aiBank sees a record growth in its net interest income at 9M-22

2/12/2023 1:00:00 PM

The Arab Investment Bank topped First Bank's list of the fastest growing banks in terms of net interest income during the first 9 months of last year, continuing its strong performance since 2021, which witnessed the entry of the financial group Hermes Holding as a major shareholder in addition to the Sovereign Fund of Egypt.

The acquisition of The bank comes first, after its net interest income increased by 62.90%, to record 1.28 billion pounds during the first 9 months of 2022, compared to 787 million pounds during the same period of 2021.

Due to the increase in the return on loans and similar revenues by 24.96%, to reach 3.84 billion pounds during the first 9 months of 2022, compared to 3.08 billion pounds during the same period in 2021, an increase of 767.82 billion pounds

The increase in the return on loans and similar revenues came mainly from the increase in the bank’s returns from its deposits and current accounts with other banks, as it jumped by 120.25%, to record 1.02 billion pounds during the first 9 months of 2022, compared to 463.10 million pounds during the same period in 2021. An increase of 556.89 million pounds.

The return on loans and credit facilities also caused an increase in the return on loans and similar revenues, as it increased from EGP 841.78m during the first 9 months of 2021, to EGP 1.42bn during the first 9 months of 2022, an increase of EGP 580.13m.

The return on investments in debt instruments at amortized cost and through comprehensive income also increased by 15.76%, to record 1.03 billion pounds during the first 9 months of 2022, compared to 887.66 million pounds during the same period in 2021, an increase of 139.93 million pounds.

While the net interest income was not affected by the decline in the yield of T-bills, as it declined to 374.02 million pounds during the first 9 months of 2022, compared to 883.14 million pounds during the same period of 2021.

While deposits and similar revenues cost increased by 8.85%, to reach 2.41 billion pounds during the first 9 months of 2022, compared to 2.21 billion pounds during the same period of 2021, with Net interest income to 1.28 billion pounds during the first 9 months of 2022.