A historical leap, AAIB's net profits grow by 184%, recording EGP 3.51 bn during Q1-2024
The separate financial statements of the Arab African International Bank, which ended on last March 31, revealed that the Bank's net profit increased by 184%, registering EGP 3.513 bn (US $74.330 mn) in Q1 of 2024, compared to 1.237 bn (US $40 mn) in Q1 of 2023.
AAIB's net profits increase was mainly due to net interest income, which grew by 124% to EGP 7.57 bn ($160.3 mn) in Q1 of 2024, compared to 3.38 bn ($109.2 mn) in the same period from 2023.
Net fees and commissions income increased during Q1 of this year at a growth rate of 59.5% to register EGP 1.12 bn, equivalent to $23.75 mn, compared to 703.6 mn, equivalent to $22.75 mn during the same period in 2023.
Regarding the Bank's financial position, its total assets portfolio increased by 29.38%, with an increase of about EGP 158.3 bn during Q1 of this year, registering EGP 697.1 bn, equivalent to $14.75 bn by the end of March 2024, compared to EGP 538.8 bn, equivalent to $17.42 bn by the end of December 2023.
Total customer deposits at the bank rose by 23.14% in Q1 of this year, reaching EGP 484.9 bn ($10.26 bn) by the end of March 2024, compared to EGP 393.7 bn ($12.73 bn) by the end of December 2023, with an increase of EGP 91.1 bn.
The Bank's total portfolio of loans and facilities increased by 21.70%, with an increase of EGP 33.5 bn during Q1 of the current year, registering EGP 187.9 bn (equivalent to $3.98 bn) by the end of March 2024, compared to 154.4 bn (equivalent to $4.99 bn) by the end of December 2023.
This remarkable growth in the Bank's key indicators highlights the success of the Bank's current executive leadership philosophy represented by Tamer Waheed, Vice Chairman and Managing Director.
Since assuming executive leadership in May 2023, he has managed to make significant transfers in the bank's financial indicators as well as succeeding in bringing the bank back to the list of the top 5 banks in Egypt after the bank had exited it over the past years.
