aiBANK grows by 6.96% on First Bank Composite Growth Index during Q1-2023
The Business results of Arab Investment Bank, which ended on March 31, 2023, revealed that the bank recorded a composite growth rate of 6.96% in all branches of activity that include net profits, deposit, loan, and asset portfolios.
This rate was measured through a composite index developed by First Bank to measure the financial performance of banks with a single figure, during the first quarter of 2023.
The bank was able to achieve positive results in 3 sub-indicators (net profits, loan portfolio, and asset portfolio), led by net profit that recorded a growth rate of 25.14% to record EGP 175 mn during Q1- 2023, compared to EGP 139.8 mn at the same period 2022.
Furthermore, the bank's Total asset came in second place with a growth rate of 3.63% during the first quarter of this year, bringing the total portfolio from EGP 55.4 bn at the end of December 2022 to reach EGP 57.4 bn at the end of first quarter of this year, achieving an increase of EGP 2 bn.
The bank's Total customer loans rose with a growth rate of 2.39% to reach EGP 21.4 bn by the end of March 2023, compared to EGP 20.9 bn by the end of 2022، with an increase of EGP 500mn.
Total customer deposit portfolio declined by 3.32%, recording EGP 46.6 bn by the end of March 2023, compared to EGP 48.2 bn by the end of 2022.
