AAIB's assets jump by 28.71% during H1-2023

AAIB’s strong performance this year has propelled it to the top of First Bank list of banks with the fastest asset growth during the first half of 2023. Its portfolio increased to EGP420.12 bn by the end of June, up from EGP326.39 bn at the end of 2022.

This significant increase, amounting to 93.72 bn, expanded the bank's market share in assets to 3.04% of the total banking sector assets by the end of June 2023, compared to 2.86% at the end of 2022, adding approximately 0.18% to its market share.

The latest financial statements of AAIB reveal a 26.51% increase in its assets in Egypt, reaching EGP350.16 bn by the end of the first half of 2023, compared to EGP 276.79 bn at the end of 2022, a growth of EGP73.37 bn.

Analyzing the bank's financial position in Egypt by geographical sectors, the Greater Cairo area held the largest share of its assets, accounting for 61.19% by the end of the first half of 2023.

The bank's assets in the Greater Cairo areas rose to EGP257.05 bn by the end of June 2023, compared to EGP 241.27 bn at the end of 2022, showing a 6.54% increase and a gain of EGP 15.77 bn.

Total assets of AAIB in Alexandria and North Coast regions increased by approximately 134.28%, reaching EGP49.02 bn by the end of June last year, compared to EGP20.93 bn at the end of 2022, marking an increase of EGP28.1 bn.

The bank's assets in Alexandria and North Coast regions represented about 11.67% of its total assets by the end of the first half of 2023.

Meanwhile, the bank's assets in Northern Region saw the fastest growth during the first half of the current year, jumping from EGP6.66 bn at the end of 2022 to EGP 21.05 bn by the end of June 2023, a growth rate of 216.01% and an increase of EGP14.39 bn.

Despite the growth in assets in the Northern Region, they accounted for only 5.01% of the total assets by the end of the first half of the current year.

In terms of the bank's assets in other geographical sectors within Egypt, they accounted for 5.48% of its total portfolio by the end of June last year, after increasing to EGP23.03 bn by the end of the first half of 2023, compared to EGP 7.93 bn at the end of 2022, marking a growth rate of 190.47% and an increase of approximately EGP15.10 bn.

As for the bank's assets outside of Egypt, they accounted for about 16.65% of its total assets by the end of the first half of the current year, following an increase to EGP 69.96 bn by the end of June 2023, up from EGP49.61 bn at the end of 2022, achieving a growth rate of 41.03% and an increase of EGP20.35 bn.

The significant increases in the bank's assets outside of Egypt were supported by the growth of its total assets in the Arab Gulf countries, where they jumped by about 42.07% to reach EGP69.51 bn by the end of the first half of the current year, compared to EGP48.93 bn at the end of 2022, with an increase of EGP20.58 bn.

Assets in the Arab Gulf countries represented about 16.55% of the bank's total assets by the end of the first half of 2023.

Regarding the bank's asset portfolio in Lebanon, it experienced a noticeable decline, but it did not have a significant impact on the bank's overall portfolio. It accounted for only 0.11% by the end of June last year.

The bank's assets in Lebanon decreased to EGP441.53 mn by the end of June last year, compared to EGP 674.13 mn at the end of 2022.

It's worth noting that AAIB offers corporate and retail banking services and investments in Egypt and abroad through 99 branches, with its main center and branches in Egypt, which includes 96 branches, and 2 branches in the United Arab Emirates, as well as one branch in Lebanon.

For more info and news about AAIB, click here.