AAIB tops fastest-growing banks in local currency deposits

Arab African International Bank has achieved remarkable growth in its deposits portfolio in local currency. It jumped by 81.9% over the past year, registering an equivalent of EGP 237 bn by the end of 2023, compared to 130.3 bn by the end of December 2022, topping the First Bank list of the fastest growing banks in local currency deposits. It also recorded remarkable growth in its portfolio of foreign currency deposits. It rose by 78.3%, amounting to EGP 157 bn by the end of 2023, compared to EGP 88 bn by the end of 2022, with an increase of EGP 69 bn.

This pushed its total customer deposits portfolio to rise 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, and with a growth rate of 80%, achieving the fastest annual growth in 8 years. This reflects the Bank's expansion and success in attracting a wide range of corporate or retail depositors through the introduction of credit products at competitive rate of return.

This significant increase supported its 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.

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 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.

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.

To view the full list, click more