AAIB financing for financial sector jumps by 82.55% during H1-2023

Arab African International Bank significantly increased its funding for the financial sector by 82.55% during the first half of 2023. This increase highlights the bank's commitment to the importance of this sector and its support for economic growth in Egypt.

The bank's direct financing for the financial sector experienced substantial growth, reaching EGP7.14 bn by the end of the second quarter of 2023, compared to EGP 3.49 bn by the end of 2022, marking an increase of EGP3.65 bn. This growth was the fastest in the sector, with a 104.61% rise, contributing significantly to the bank's total loans to the financial sector.

AAIB direct financing accounted for approximately 57.39% of the bank's total loans to the financial sector by the end of June 2023. Additionally, syndicated financing for this sector increased from EGP1.53 bn at the end of 2022 to EGP 2.53 bn at the end of the first half of 2023, with a growth rate of 64.96% and an increase of EGP996.35 mn.

Syndicated loans constituted about 20.34% of the bank's total financing for the financial sector at the end of the first half of 2023.

Furthermore, the bank's current debit account balances for the financial sector increased to EGP2.77 bn by the end of the second quarter of 2023, compared to EGP 1.79 bn by the end of 2022, with a growth rate of 54.67% and an increase of EGP 978.54 mn.

Debit account balances for corporates represented about 22.26% of the bank's total financing for the financial sector by the end of June 2023.

AAIB's financing through its various products accounted for approximately 9.34% of its total loans to corporates by the end of June 2023. In total, the bank's loans to corporates increased to EGP133.19 bn by the end of June 2023, compared to EGP109.18 bn by the end of 2022, achieving a growth rate of 22% and an increase of EGP24.01 bn. This growth placed the bank at the top of the list of First Bank for the fastest-growing banks in corporate loans during the first 6 months of the current year.

Moreover, Arab African International Bank's loans to the financial sectors through its various products contributed about 8.20% to the total loans of the bank by the end of June 2023. Total financing for the bank's customer increased by EGP 25.51 bn, reaching EGP151.64 bn by the end of June 2023, compared to EGP 126.13 bn by the end of 2022.

This achievement marked a growth rate of 20.22%, allowing the bank to secure the second position on First Bank list for the fastest-growing banks in total customer loans during the first half of the current year.

This substantial growth contributed to increasing Arab African International Bank's market share in financing to 3.21% of the total banking sector loans by the end of June 2023, compared to 3.14% by the end of 2022, successfully adding 0.07% to its share in this market.

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