AAIB records the fastest quarterly growth in its assets in 7 years during Q1-2024

The AAIB's asset portfolio grew strongly during Q1 of this year, with its asset portfolio jumping by 29.38%, marking the fastest quarterly growth in 7 years, thanks to the efforts of Temer Waheed, Vice Chairman and Managing Director of the Bank and his team.

Assets portfolio of the Bank rose to EGP 697.12 bn by the end of March 2024, compared to EGP 538.81 bn by the end of December 2023, with an increase of EGP 158.31 bn.

Highlighting the growth rates achieved over the past years, the Bank has grown its asset volume by 19.69% during the first 3M of 2023 and its portfolio by 11.03% during the same period of 2022, while its asset portfolio fell by 3.12% in Q1 of 2021.

As for the Bank's performance during the first 3M of 2020, the Bank achieved a 1.22% growth in its asset volume, while registering an increase of about 4.07%, 2.96% during the first 3M of 2019, 2018, respectively.

Overall, the AAIB achieved record growth rates during Q1 of this year, with the bank's net profit jumping by about 183 .88%, to EGP 3.51 bn in the first 3M of 2024, compared to 1.24 bn during the same period last year.

Net interest income rose to grow at a 124.28% rate in Q1 of this year after registering about EGP 7.57 bn in the first 3M of 2024, compared to 3.38 bn during the same period of 2023 and the bank's total deposits increased at a 23.14% growth rate during Q1 of 2024 after its portfolio was worth about EGP 484.9 bn by the end of March, compared to 393.7 bn by the end of December 2023, with an increase of EGP 91.1 bn 

Total customer loans portfolio of the Bank also increased by 21.70% and an estimated increase of EGP 33.5 bn during Q1 of this year, to register EGP 187.9 bn by the end of March 2024, compared to 154.4 bn by the end of December 2023.