aiBANK jumps by 52% on FirstBank composite growth index during Q1-2024

The financial statements of aiBANK, which ended on March 31 2024, revealed that the bank achieved a composite growth rate of 52% during the first quarter of the current year.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during Q1- 2024.

aiBank managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 172%, reaching EGP 475.2mn during the first quarter of 2024, compared to EGP 175 mn during the same period of 2023 with an increase of approximately EGP 300.2mn.

Total customer deposits at the bank were the second contributor to this growth, it grew with a growth rate of 14.3% an increase of EGP 7.3bn during the first quarter of the current year, reaching EGP 58.2 bn by the end of March 2024, compared to EGP 50.9bn at the end of December 2023.

The bank's loan portfolio was the third contributor to the growth, rising by 10.4% during Q1-2024 to record EGP 25.1bn by the end of March 2024, compared to EGP 22.08 bn by the end of December 2023.

In addition, Total assets surged by 10.1% during the first 3 months of the current year, reaching EGP 67.7 bn by the end of March 2024, compared to EGP 61.4 bn by the end of December 2023.