AAIB grows by 64.5% on FirstBank composite growth index during Q1-2024

The separate financial statements of Arab African International Bank-AAIB, which ended on March 31 2024, revealed that the bank achieved a composite growth rate of 64.53% 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.

AAIB 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 184%, an increase of EGP 2.28bn reaching EGP 3.51bn during the first quarter of 2024, compared to EGP 1.24bn during the same period of 2023.

The size of total Assets was the second contributor to the growth of AAIB, with a growth rate of 29.38%, an increase of approximately EGP 158.31 bn during the first 3 months of 2024, reaching EGP 697.12 bn by the end of March 2024, compared to EGP 538.81 bn by the end of December 2023.

Total customer deposits was the third contributor to this growth, increasing by 23.14% during Q1-2024 to record EGP 484.87bn by the end of March 2024, compared to EGP 393.74 bn by the end of December 2023, an increase of EGP 91.13bn.

In addition, Total customer loans surged by 21.70% during the first 3 months of the current year, reaching EGP 187.87bn by the end of March 2024, compared to EGP 154.38 bn by the end of December 2023, with an increase of EGP 33.50bn.