aiBANK grows by 34.5% on First Bank composite growth index during 9M- 2023

The financial statements of aiBANK, ending on September 30th of the current year, revealed that the bank achieved a composite growth rate of 34.5% during the first 9M- 2023.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, all during the period from January to September 2023.

The bank achieved positive results in all 4 sub-indicators that make up First Bank index, with net bank profits leading the way, showing the highest growth rate at 100%, reaching EGP 801.3 mn during the first 9 months of 2023, compared to EGP 401.3 mn in the same period in 2022, an increase of EGP400 mn.

Total loan portfolio and credit facilities at the bank were the second contributor to this growth, increasing by a growth rate of 16% during the first 9M of the current year, reaching EGP 24.1 bn by the end of September 2023, compared to EGP20.9bn at the end of December 2022, an increase of EGP 3.3 bn.

The size of Asset portfolio was the third contributor to the growth of aiBANK, with a growth rate of 13% and an increase of approximately EGP 7.2 bn during the first 9 months of the current year, to record EGP 62.6 bn by the end of September 2023, compared to EGP55.4bn at the end of December 2022.

Total customer deposits portfolio at the bank increased by a growth rate of 9.5% during the first 9M of the current year, reaching EGP 52.8 bn by the end of September 2023, compared to EGP 48.2 bn at the end of December 2022, with an increase of EGP 4.6 bn.