aiBANK’s growth accelerates to 25.1% during Q2-2023

 Arab Investment Bank "aiBANK" experienced growth acceleration in the second quarter of 2023 compared to the first quarter of the same year.

The bank recorded a compounded growth rate of 25.06% in the second quarter of 2023, as opposed to a compounded growth rate of 7.04% in the first quarter of the current year.

These figures were based on the composite growth index developed by First Bank, measuring banks' financial performance in 4 indicators: net profits, assets, total customer loans, and deposits during the analysis period.

 The bank showed positive results across all sub-indicators of the composite First Bank index during the second quarter of the current year, notably in net profits, where the bank achieved an 84.42% growth rate in net profits in just the second quarter of 2023.

Loans and facilities to customers contributed to this growth, registering a growth rate of 9.13% in the second quarter of the current year.

 Additionally, the total deposits and assets portfolios increased by 4.71% and 1.98% respectively from March to June 2023.

 In the first quarter of the current year, net profits were also the most impactful factor in the growth of the composite First Bank index, with the bank achieving a 25.14% growth rate in net profits during the first three months of 2023.

 The bank's total assets ranked second in contributing to this growth, with a growth rate of 3.56% in the first quarter of 2023.

 Meanwhile, total portfolio of loans and facilities for the bank's customers increased by 2.75%, while the deposit portfolio decreased by 3.27% during the same period.

It is worth noting that all values used to calculate growth rates mentioned in the analysis are based on the financial statements announced at the end of the respective periods, available on the bank's official website.