AAIB grows by 42.87% on First Bank composite growth index during H1-2023

separate financial statements of Arab African International Bank, ending on June 30, 2023, revealed a composite growth rate of 42.87% during the first half of 2023.

 This rate was measured using a composite index developed by First Bank to assess the financial performance of banks, covering all branches of activity including net profits, loan portfolio, and asset and deposit portfolios for the first six months of 2023.

AAIB achieved positive results in all its sub-indicators contributing to First Bank composite growth index. Net profits, taking the lead, grew by 92.51%, reaching EGP 3.29 bn during the first half of 2023, compared to EGP 1.707 bn during the same period in 2022.

Customer deposit portfolio of the bank was the second contributor to the composite growth index, jumping by 30.1% by the end of the first half of the current year, totaling EGP 284.04 bn by the end of June 2023, compared to EGP218.33 bn by the end of December 2022, with an increase of EGP65.71 bn.

Asset portfolio was the third contributor to the growth of AAIB, achieving a growth rate of about 28.71% and an increase of EGP93.72 bn during the first half of the current year, reaching EGP420.12 bn by the end of June 2023, compared to EGP326.40 bn by the end of the previous year.

As for total customer loan portfolio, it increased by 20.22% during the first half of the current year, reaching EGP151.64 bn by the end of June 2023, compared to EGP126.14 bn by the end of December 2022, with an increase of EGP 25.56 bn.