AAIB tops the fastest growing banks in financial investments
Mai El-Kafoury
The Arab African International Bank has significantly increased its financial investments over the past year, as evidenced by the remarkable growth in its total portfolio. It rose by about 71.8%, reaching EGP 168.7 bn by the end of 2023, compared to EGP 98.2 bn by the end of 2022, with an increase of EGP 70.5 bn, leading the First Bank list of the fastest growing banks in total financial investments over the past year.
The significant increases in the Bank's total financial investments are due mainly to the significant increase in the Bank's financial investments in fair value through other inclusive income, rising by about 140.65% over the past year, to EGP 98.2 bn by the end of 2023, compared to EGP 40.8 bn by the end of 2022, with an increase of EGP 57.4 bn.
The significant increase in the Bank's expendable investment also played a key role in increasing the Bank's total investments, rising to EGP 70.5 bn by the end of 2023, compared to EGP 57.4 bn by the end of 2022, with growth of 22.9% on an annual basis.
Overall, the AAIB achieved a strong performance over the past year, with the Bank's net profit rising by 98.7%, to surpass 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 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.
Total customer loans rose to EGP 154.5 bn by the end of 2023, compared to EGP 126.1 bn by the end of 2022, with a growth of 22.5% on an annual basis.
For a full list. Click More
