AAIB tops the fastest growing banks in retail deposits

AAIB achieved record growth in its retail deposits portfolio over the past year, jumping by 127.14%, reaching EGP 165.6 bn by the end of December 2023, compared to 72.9 bn by the end of December 2022, topping First Bank list of the fastest growing banks in retail deposits.

The Bank's corporate deposits portfolio witnessed strong growth, rising to EGP 228.4 bn by the end of 2023, compared to EGP 145.4 bn by the end of 2022, with a growth of 57.1%, and an increase close to EGP 83 bn.

This contributed to the rise of the total deposits of the Bank to EGP 394 bn by the end of 2023, from EGP 218.3 bn by the end of 2022, with an increase of EGP 175.7 bn, and an 80% growth rate on an annual basis.

The Arab African International Bank recorded a significant performance over the past year, with the bank's net profits rising by 98.7%, surpassing EGP 7 bn in 2023, compared to EGP 3.5 bn in 2022.

Net interest income rose by 53% over the past year, registering EGP 15.7 bn in 2023, compared to EGP 10.2 bn in 2022.

Net fees and commissions income jumped from EGP 1.6 bn in 2022 to EGP 2.8 bn in 2023, with growth of 75% and an increase of EGP 1.2 bn. 

Regarding the bank's financial position, its asset portfolio rose by 65.2% over the past year, reaching EGP 539.2 bn by the end of 2023, compared to EGP 326.4 bn by the end of 2022.

Total customer loans rose to EGP 154.5 bn by the end of 2023, from EGP 126.1 bn by the end of 2022, with a growth of 22.5% on an annual basis.

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