aiBANK: Fastest-Growing Bank in Net Fees and Commissions Income

aiBANK has topped First Bank list as the fastest-growing bank in net fees and commissions income during the first quarter of the current year, with a growth rate of 350.55%. The bank recorded EGP 214.78 mn during the first quarter of 2023, compared to EGP 47.67 mn during the same period in 2022, representing an increase of EGP 167.11 mn.

We found that the bank achieved net fees and commissions income amounting to EGP 235.22 mn during the first quarter of 2023, compared to EGP 54.04 mn during the same period in 2022, with a growth rate of 335.25% and an increase of EGP 181.18 mn.

The significant increase in aiBANK's fees and commissions revenues can be attributed to a rise in credit-related fees and commissions by 346.93%, reaching EGP 169.03 mn during the first quarter of 2023, compared to EGP 37.82 mn during the same period in 2022, representing an increase of EGP 131.21 mn.

Additionally, other fee revenues increased to EGP 66.19 mn during the first quarter of 2023, compared to EGP 16.22 mn during the same period in 2022, with a growth rate of 308.04% and an increase of EGP 49.97 mn.

As for expenses related to fees and commissions, they increased from EGP 6.37 mn during the first quarter of 2022 to EGP 20.44 mn during the same period in 2023.

Thus,  aiBank's net income from fees and commissions amounted to EGP 214.78 mn during the first 3 months of 2023.