AAIB achieves significant performance, recording the fastest quarterly growth in net profits during 9 years

The AAIB achieved a strong performance during this year, especially in its net profit, jumping by 183.8%, marking the fastest quarterly growth in 9 years, thanks to the efforts of Temer Waheed, Vice Chairman and Managing Director of the Bank and his team.

The net profit of the Bank rose to EGP 3.5 bn in the first quarter of this year, compared to EGP 1.2 bn during the corresponding period from 2023, an increase of EGP 2.3 bn.

Highlighting the growth rates achieved over the past years, the Bank achieved a net profit growth of 33.06% during the first 3 months of 2016, and increased by 96.99%, 9.82%, respectively, during the same period in 2017 and 2018.

While it recorded a decline in net profits of 1.63% during the first quarter of 2019, it also fell by 53.10% during the corresponding period of 2020, thus being the largest decline during the period under analysis. As for the Bank's performance during the first three months of 2021, the decline continued in net profits, but at a low pace, with a decline rate of only 3.94% during that period.

The net profits of Arab African International Bank rebounded, rising by 97% in the first quarter of 2022, then 23.66% in the same period of 2023, and quarterly growth in the bank's net profit in the first quarter of 2024 reached 183.8%.

The Arab African International Bank (AAIB) recorded an overall exceptional performance during the current year, with total customer deposits of AAIB rising by 23.14%, to reach EGP 484.9 bn by the end of March, compared to EGP 393.7 bn by the end of December 2023, with an increase of EGP 91.1 bn.

Total customer loans portfolio in the Bank rose by 21.70% and an estimated increase of EGP 33.5 bn during the first quarter of this year, registering EGP 187.9 bn by the end of March 2024, compared to EGP 154.4 bn by the end of 2023. Its assets portfolio rose by 29.38% and an increase of EGP 158.31 bn during the first quarter of this year, registering about EGP 697.12 bn by the end of March 2024, compared to EGP 538.81 bn by the end of 2023. This strong performance led AAIB to achieve a 64.53% growth rate on the First Bank composite index during the first quarter of this year, after it managed to achieve positive growth in the four sub-indicators consisting of net profits, deposit portfolio, loan portfolio and asset portfolio.

The Bank is expected to continue to achieve exceptional growth rates based on strong changes led by Temer Waheed, Vice Chairman, Managing Director of the Bank and his team, which resulted in the strong return of the Bank to the list of the top five Banks in the asset and deposit markets. Experts expect further strong improvement in financial performance indicators over the coming period, with a boom in market shares for the Bank's various activities that could push it to fourth or third place on the list of top banks in recent times.