AAIB Tops Banks in Asset Coverage Ratio for Deposits by September-2023 End
Mai El-Kafoury
Arab African International Bank (AAIB) has secured the top position on First Bank list of best banks in terms of asset coverage ratio for deposits by the end of last September, maintaining its leadership, it also ranked first on the same list but for 2022.
The asset coverage ratio for deposits in the Bank was about 145.30%, after the bank's total assets recorded about EGP 474.3 bn, while total deposits recorded 326.4 bn by the end of September 2023.
This percentage is extremely high, reflecting the high ability of the Bank to meet its commitments to depositors, as deposits represent about 68.82% of the Bank's total assets by the end of September 2023.
The AAIB continues to achieve record business results since Tamer Waheed took over the leadership of the Bank, as the Bank's assets increased by EGP 147.91 bn, bringing the total portfolio to EGP 474.31 bn by the end of Q3 of 2023, compared to EGP 326.39 bn by the end of 2022, with growth of 45.32%.
The bank's net profits jumped by 92%, to record EGP 5.152 bn during the first 9M of 2023, compared to EGP 2.68 bn during the same period of 2022.
Net interest income jumped by 106%, to record EGP 11.054 bn during the first 9M of 2023, compared to EGP 5.36 bn during the same period in 2022.
Net fees and commissions income rose by 156%, registering EGP 2.2 bn in the first 9M of 2023, compared to EGP 847 mn in the same period in 2022.
The Bank's total customer loans portfolio for rose by 23.42%, reaching EGP 155.68 bn by the end of September 2023, compared to EGP 126.13 bn by the end of 2022.
The total financial investments portfolio rose by about 30%, reaching EGP 127.9 bn by the end of Q3 of 2023, compared to EGP 98.2 bn by the end of 2022.
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