AAIB's net profit soars to $143.17 mn in 2022

The separate financial statements of Arab African international Bank, issued today, on the bank’s official website, revealed that the bank’s net profit increased by 4.73%, to record $143.169 mn in 2022, compared to $136.702 mn in 2021, an increase of $6.467 mn.

While the bank's asset portfolio declined by 14.18%, to record $13.17 bn by the end of 2022, compared to $15.344 bn in 2021, losing about $2.175 bn.

Deposit portfolio also declined to $8.808 bn at the end of 2022, compared to $10.165 bn at the end of 2021, losing about $1.357 bn over the past year.

Moreover, total customer loans declined from $5.47 bn at the end of 2021 to $5.089 bn at the end of 2022, a decline of 6.99%, with the bank losing $382.492 mn from its portfolio over the past year.

It should be noted that the main reason for the limited growth of the bank's net profits during the past year, and the decline of its main portfolios is due to the rise in  exchange rate, while the bank completes its financial transactions in pounds, while it in US dollar in its financial statements.