Significant growth in AAIB’s deposits portfolio, recording the fastest growth in 8 years

4/30/2024 11:14:37 AM

AAIB’s customer deposit portfolio achieved record growth in the past year, rising by about 80%, recording the fastest annual growth in 8 years, reflecting the Bank's expansion, and its success in attracting a broad segment of depositors who were corporates or individuals, thanks to introducing credit products at competitive return rates.

Arab African International Bank deposits portfolio rose 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.

It supported that strong increase in market share, jumping to 3.89% of total banking sector deposits by the end of 2023, compared to 2.55% by the end of 2022.

In 2016, the Bank grew by 54.7% in its deposit portfolio, while rising by 19.4% and 3.3% respectively in 2017 and 2018.

While its deposits portfolio fell by about 7.3% during 2019, it returned to the rise once more, but at a poor pace during the following two years, It rose by 5.6% and 3.9% respectively in 2020 and 2021, affected by the negative consequences of the coronavirus pandemic. But it broke the pace of its weak rise and jumped by 36.1% in 2022. And then it jumped about 80% over the last year, recording its fastest annual growth in 8 years.

AAIB recorded an overall exceptional performance over the past year, with the Bank's net profits rising by 99% to surpass EGP 7 bn in 2023, compared to EGP 3.5 bn in 2022.

Net interest income rose to 53% last year, registering EGP 15.7 bn in 2023, compared to EGP 10.2 bn in 2022.

Net fees and commissions from 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 assets 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.

The Bank’s 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.