aiBANK’s net profits grow by 172%, recording EGP 475 mn during Q1- 2024
First Bank
The latest business results of aiBANK at the end of last March, revealed an increase in the bank’s net profit, with a growth rate of 172%, to record EGP 475 mn during the first 3 months of 2024, compared to EGP 175 mn during the same period of 2023.
Net interest income increased by 67%, reaching EGP890 mn in the first 3 months of 2024, compared to EGP533.6 bn in the same period in 2023. Additionally, operational profit showed a growth rate of 77%, totaling EG1.3 bn during the same period in 2024.
Concerning the bank’s financial position, the total portfolio of customer loans and facilities increased by 10% in the first 3 months of the current year, reaching EGP25.1 bn by the end of March 2024, compared to EGP22.8 bn by the end of December 2023.
Corporate loans in the bank increased by 9% from January to March of the current year, totaling EGP16.6bn by the end of March 2024, compared to EGP15.3bn by the end of December 2023.
Total portfolio of retail loans jumped by 13% during the first 3 months of the current year, reaching EGP8.5 bn by the end of March 2024, compared to EGP7.5 bn by the end of December 2023.
The bank also disclosed an increase in the total portfolio of customer deposits to EGP58.2 bn by the end of March 2024, growing by 14% during the first 3 months of the current year, compared to EGP50.9 bn by the end of December 2023.
The bank's assets surged by 10% during the first 3 months of the current year, reaching EGP 67.7 bn by the end of March 2024, compared to EGP61.4 bn by the end of December 2023.
Moreover, total equity of the bank increased by 6% during the first 3 months of the current year, reaching EGP6.9 bn by the end of March 2024, compared to EGP6.5 bn by the end of December 2023. The capital adequacy ratio stood at 16.73% by the end of March 2024.
