aiBANK’s net profits grow by 100%, recording EGP 801.3 mn At 9M- 2023

aiBANK announced its key financial results at the end of last September, revealing a net profit growth of 100%, reaching EGP 801.3 mn during the first 9 months of 2023, compared to EGP401.3 mn during the same period in 2022.

Net income from returns increased by 41%, reaching EGP1.8 bn in the first 9 months of 2023, compared to EGP1.3 bn in the same period in 2022. Additionally, operational profit showed a growth rate of 58%, totaling EGP2.5 bn during the same period in 2023.

Concerning the bank’s financial position, the total portfolio of customer loans and facilities increased by 16% in the first 9 months of the current year, reaching EGP24.1 bn by the end of September 2023, compared to EGP20.9 bn by the end of December 2022.

Corporate loans in the bank increased by 12% from January to September of the previous year, totaling EGP17.3 bn by the end of September 2023, compared to EGP15.5 bn by the end of December 2022.

Total portfolio of retail loans jumped by 27% during the first 9 months of the current year, reaching EGP6.8 bn by the end of September 2023, compared to EGP5.3 bn by the end of December 2022.

The bank also disclosed an increase in the total portfolio of customer deposits to EGP52.8 bn by the end of September 2023, growing by 10% during the first 9 months of the current year, compared to EGP48.2 bn by the end of December 2022.

Total bank assets increased by 13% during the first 9 months of the current year, reaching EGP 62.6 bn by the end of September 2023, compared to EGP55.4 bn by the end of December 2022.

Moreover, total equity of the bank increased by 15% during the first 9 months of the current year, reaching EGP6.1 bn by the end of September 2023, compared to EGP5.3 bn by the end of December 2022. The capital adequacy ratio stood at 16.01% by the end of September 2023.

Regarding aiBANK’s geographic presence, it has around 85 ATM machines and 33 branches spread across the governorates of the Republic.