Significant growth in AAIB’s assets portfolio, achieving the fastest growth in 7 years
First Bank
Arab African International Bank has significantly increased its business over the past year, with its asset portfolio rising by 65.2%, recording the fastest annual growth in 7 years, thanks to the efforts of Tamer Waheed, Vice Chairman and Managing Director of the Bank.
The Bank’s assets rose to EGP 539.2 bn by the end of 2023, compared to EGP 326.4 bn by the end of 2022, with an increase of EGP 212.8 bn.
This strong increase supported its market share, jumping to 3.80% of total banking assets by the end of 2023, compared to 2.86% by the end of 2022.
In terms of growth rates in the past years, during 2017, the Bank achieved growth of about 15.48% in its assets portfolio, while its portfolio fell by about 2.61% and 6.41% in 2018 and 2019 respectively.
However, its asset portfolio return to rose again, driven by a decline in the base year, rising by 16.46%, 7.41%, respectively, in 2020 and 2021, and jumping by 34.81% in 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.
The Bank’s deposits portfolio rose 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.
Its 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.
