aiBANK leads Egyptian banks on First Bank composite growth index during 2022

Arab Investment Bank led the composite growth index for the fastest-growing banks in the past year, with 72.79% during 2022, driven by a net profit growth rate of 160.34%.

 Furthermore, the total portfolio of customer loans, assets, and deposits increased by growth rates of 84.50%, 21.86%, and 24.46%, respectively, during the past year.

The bank strengthened its financial position and expanded its business operations, resulting in its asset portfolio jumping to EGP 55.4 bn by the end of 2022, compared to EGP 45.5 bn by the end of 2021.

Significantly, the bank also expanded its lending to customers, with total loans to customers reaching EGP 20.9 bn by the end of 2022, compared to EGP 11.3 bn by the end of 2021.

Additionally, the bank was able to attract new customers, as evident from the growth of Deposit portfolio, which increased to EGP 48.2 bn by the end of 2022, compared to EGP 38.7 bn by the end of 2021.

Arab Investment Bank also achieved strong net profits reached EGP 525.6 mn during 2022, compared to a net loss of EGP 871.1 mn during 2021.

This significant growth in the bank's net profits is the result of an increase in pre-tax profits to EGP 887.1 mn during 2022, compared to losses of EGP 471.7 mn during 2021.

Net interest income increased from EGP 1.1 bn during 2021 to EGP 1.8 bn during 2022, achieving a growth rate of 60.91% and an increase of EGP 677.96 mn.

Net fees and commissions income jumped by 162.34%, reaching EGP 316.1 mn during 2022, compared to EGP 120.5 mn during 2021, with an increase of EGP 195.58 mn.