AAIB is the Fastest Growing Bank in Local Currency Deposits

Arab African International Bank has achieved remarkable growth in its portfolio of local currency deposits, jumping by 50.52% over the first 9M of last year, registering EGP 196.1 bn by the end of September 2023, compared to 130.3 bn by the end of December 2022, which prompted it to top the list of the fastest growing banks in local currency deposits.

It also registered remarkable growth in its deposits portfolio in different foreign currency, rising by about 48%, to record the equivalent of EGP 130.3 bn by the end of September 2023, compared to EGP 88.1 bn by the end of 2022, with an increase of EGP 42.3 bn.

This pushed its total customer deposits portfolio to rise to EGP 326.4 bn by the end of September 2023, compared to EGP 218.3 bn by the end of 2022, with a growth of 49.5% and an increase of EGP 108.1 bn, achieving the fastest quarterly growth in 8 years.

The increases helped the Bank regain its position as the fifth largest bank operating in the sector in the deposit market, after its share jumped to 3.34% by Q3 of 2023, compared to 2.55% by the end of 2022, adding about 0.79% to its share in the market.

Overall, the AAIB has continued to achieve record business results since Tamer Waheed took over the leadership of the Bank, with the Bank's assets rising by EGP 147.91 bn, bringing the total portfolio to EGP 474.31 bn by Q3 of 2023, compared to EGP 326.39 bn by the end of 2022, with growth of 45.32%.

The bank's net profit jumped by 92%, to EGP 5.152 bn during the first 9M of 2023, compared to EGP 2.68 bn during the same period of 2022. The Bank's total customer loans portfolio 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.

Net interest income jumped by 106%, to EGP 11.054 bn during the first 9M of 2023, compared to EGP 5.36 bn during the same period last year.

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 total portfolio of financial investments 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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