aiBANK achieves a Breakthrough in Financial efficiency Indicators During 9M-2023
First Bank
aiBANK has achieved significant progress in its financial efficiency indicators during the first 9M of last year. This comes in light of the bank's continued strong performance since Tamer Seif El-Din assumed the position of CEO and Managing Director of aiBANK .
The following analysis highlights bank's development in financial efficiency indicators from January to September 2023:
The separate financial statements of aiBank, ending on September 30, 2023, revealed that the bank achieved a return on average equity (ROE) of 13.98% during the first 9M- 2023, compared to 8.02% during the same period in 2022.
The return on average assets of the bank was 1.36% during the first 9 months of 2023, compared to 0.82% during the first 9 months of 2022.
The main reason for the increase in ROE and ROA is the bank's net profits rose with a growth rate of 100%, reaching EGP 801.3 mn during the first 9M- 2023, compared to EGP 401.3 mn during the same period in 2022, an increase of EGP 400 mn.
In terms of earnings per share, the bank recorded a growth rate of 145% during the period from January to September 2023, with the bank's share of net profits reaching about EGP 0.93 per share during the first 9 months of 2023, compared to EGP 0.38 during the same period in 2022.
It is worth mentioning that the bank achieved a growth of 15.2% in its Equity portfolio during the first 9M-2023, as it increased from EGP 5.33bn at the end of December 2022 to EGP 6.14 bn at the end of September 2023.
The bank's asset portfolio also increased by 13% during the first 9M of the current year, reaching EGP 62.61 bn at the end of September 2023, compared to EGP 55.39 bn at the end of December 2022. For more info and news about aiBank, click on "Read More."
