aiBank adds EGP9.47 bn to its deposit portfolio

5/21/2023 9:52:00 AM

Arab Investment Bank was able to achieve remarkable growth in its deposit portfolio during the past year, as it jumped 24.46%, to record EGP48.20 bn by the end of 2022, compared to EGP38.73 bn by the end of 2021.

Despite the success of aiBank in increasing its deposit portfolio by about EGP9.47 bn, this was not sufficient to support its market share or even ensure that it does not decline.

The bank lost about 0.04% of its total share in this market over the past year, as its share declined to 0.56% of total banking sector deposits at the end of 2022, compared to 0.60% at the end of 2021.

First Bank monitors aiBank deposit portfolio evolution in various currencies during 2022, and the share of each of them in the total portfolio.

aiBank deposit portfolio in EGP increased by 15.60%, to reach EGP40.07 bn by the end of 2022, compared to EGP 34.67 bn by the end of 2021.

local currency acquired the largest share of the bank’s deposits, as its share reached 83.14% by the end of 2022.

Despite the bank’s success in adding EGP 5.41 bn to its deposit portfolio in Egyptian pounds, this was not sufficient to increase its market share or even stabilize it, as its share declined to 0.57% of total banking sector deposits in local currency by the end of 2022, compared to 0.61% by the end of 2021.

deposit portfolio in foreign currencies jumped by about 100%, to reach EGP 8.13 bn by the end of 2022, compared to EGP4.06 bn.

Foreign currencies acquired 16.86% of the bank's total customer deposits by the end of 2022.

Thanks to the bank’s ability to increase its foreign currency portfolio by about 4.06%, its share in this market increased from 0.50% of the total deposits of the banking sector in foreign currencies by the end of 2021, to 0.54% by the end of 2022.

Deposits in Euro were the fastest growing during 2022, as they jumped by 188.61%, to reach EGP565.60 mn at the end of last year, compared to EGP 195.97 mn at the end of 2021, an increase of EGP 369.63 mn.

Deposits in Euro constituted a small percentage of total deposit portfolio, reaching 1.17% by the end of 2022.

Arab Investment Bank deposit portfolio in US dollars increased by about 97.75%, to reach EGP7.4 bn by the end of 2022, compared to EGP3.74 bn by the end of 2021, an increase of EGP3.66 bn, thus constituting 15.35% of the bank’s total deposits.

The bank’s deposit portfolio in Pound sterling rose by about 22%, to jump to EGP151.23 mn at the end of 2022, compared to EGP123.97 mn at the end of 2021, an increase of EGP27.26 mn, constituting about 0.31% of total deposit portfolio.

While the bank’s deposits in other currencies increased to EGP 12.543 mn by the end of 2022, compared to EGP 2.745 mn by the end of 2021, with a growth rate of 356.94% annually, and an increase of EGP 9.8 mn.