aiBank Reports Industrial Activity Surges to 35.06% of Total Financing by March 2023

The financial statements of aiBank have revealed a significant boost in their financing towards industrial activity during the current year. Their loans directed towards this sector increased by 16.34%, reaching EGP7.51 bn by the end of the first quarter of 2023, compared to EGP6.46 bn by the end of 2022, representing a remarkable increase of EGP1.06 bn.

The share of industrial activity in the total financing provided by Arab Investment Bank rose to 35.06% by the end of March 2023, up from 30.96% at the end of 2022.

This substantial growth in the bank's financing for industrial activity can be attributed to its success in raising direct loans for such ventures, which reached EGP7.01 bn by the end of March 2023, as compared to EGP5.99 bn at the end of 2022, marking a growth rate of 17.13% and an increase of EGP1.03 bn.

This positive impact is also reflected in the bank's overall direct financing, which climbed to EGP12.90 bn by the end of the first quarter of 2023, up from EGP11.75 bn at the end of 2022, showing a growth rate of 9.82% and an increase of EGP1.15 bn.

Regarding syndicated financing for industrial activity, it increased from EGP291.24 mn at the end of 2022 to EGP299.68 mn by the end of March 2023, with a growth rate of 2.90% and an increase of EGP8.44 mn. This contributed to a 3.22% rise in the total syndicated financing provided by the bank, reaching EGP1.99 bn by the end of the first quarter of 2023, compared to EGP1.93 bn by the end of 2022, with an increase of EGP62.15 mn.

The rise in debit current accounts for companies engaged in industrial activity also played a role in the increase of the bank's financing for this sector. Their balance for industrial activity reached EGP200.55 mn by the end of March 2023, up from EGP179.44 mn by the end of 2022, reflecting a growth rate of 11.76% and an increase of EGP21.11 mn.

However, this was not enough to raise the total balance of debit current accounts for companies, which declined to EGP987.27 mn by the end of March 2023, compared to EGP1.83 bn by the end of 2022.

It should be noted that aiBANK's total financing for corporates increased by 2.40%, reaching EGP15.88 bn by the end of the first quarter of the current year, compared to EGP15.51 bn by the end of 2022, with an increase of EGP371.66 mn.