AAIB achieves strong performance in its financial efficiency indicators during 2023
First Bank
Arab african international bank (AAIB) managed to achieve exceptional performance in its financial efficiency indicators during the last year, under the leadership of Tamer Waheed, Vice Chairman and Managing Director of the bank.
The following analysis reviews the bank's progress in financial efficiency indicators from January to December 2023.
The separate financial statements of arab African international bank 'AAIB', ending on December 31, 2023, revealed that the bank achieved a return on average equity of 11.32% during 2023, compared to 8.12% during 2022.
In addition, return on average assets (ROA) of the bank rose to 1.63% in 2023, compared to 1.25% during 2022.
The main reason for the increase in ROE and ROA is that the bank's net profits recorded EGP 7.049 bn during 2023, compared to EGP 3.548 bn during 2022, with a growth rate of 99%.
In terms of earnings per share, the bank recorded a growth rate of 98% during the period from January to December 2023, with the bank's share of net profits reaching about EGP 63.16 per share during 2023, compared to EGP 31.97 during 2022.
It is worth mentioning that the bank achieved a growth of 32.51% in its equity portfolio during 2023, as it increased from EGP 53.6 bn at the end of December 2022 to reach EGP 71 bn at the end of December 2023.
The bank's asset portfolio also increased by 65.20% during the last year, reaching EGP 539.2 bn at the end of December 2023, compared to EGP326.4 bn at the end of December 2022, an increase of EGP 212.8 bn.
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