AAIB grows by 67% on First Bank’s composite growth index during 2023

The separate financial statements of arab african international bank -AAIB, which ended on December 31, 2023, revealed that AAIB recorded a compound growth rate of 67% during the last year.

This rate was measured through a composite growth index developed by First Bank to identify the financial performance of banks with a single figure during 2023.

AAIB was able to achieve positive results in all four sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio) which formulated First Bank composite growth index, led by net profits that recorded a growth rate of 99% during 2023.

The Bank’s net profit recorded EGP 7.049 bn during 2023, compared to EGP 3.548 bn during 2022, with an increase of EGP3.501bn.

Furthermore, the bank's Total customer deposits came in second place with a growth rate of 80.05% during the last year, bringing the total portfolio from EGP 218.3 bn at the end of December 2022 to reach EGP 394 bn by December 2023end, achieving an increase of EGP 175.7bn.

In addition, total assets came in third place, recording EGP 539.2 bn by December 2023end, compared to EGP 326.4 bn at the end of 2022, achieving a growth rate of 65.2%, and an increase of EGP 212.8bn.

The bank's customer loan portfolio achieved a growth rate of 22.5% during the last year, to record EGP 154.5 bn by the end of December 2023, compared to EGP 126.1bn by the end of 2022، with an increase of EGP 28.3 bn.