aiBANK achieves strong performance in its financial efficiency indicators during Q1- 2024
First Bank
aiBank was able to achieve outstanding performance in terms of its financial efficiency indicators during the first quarter of the current year, under the leadership of Tamer Seif Eldin, Chief Executive Officer and Managing Director of the bank.
The following analysis reviews the Bank's development in financial efficiency indicators during Q1-2024:
aiBank's financial statements, which ended on March 31, revealed that the bank achieved return on average equity (ROE) of 7.13% in the first quarter of 2024, compared to 3.27% in the same period from 2023.
The return on average assets (ROA) jumped to 0.74% in the first quarter of 2024, compared to 0.31% during the first quarter of 2023.
The main reason for the increase in ROE and ROA is the bank's net profits increase with a growth rate of 171.56%, reaching EGP 475.2mn during Q1- 2024, compared to EGP 175mn during the same period in 2023, an increase of EGP300.2mn.
In terms of earnings per share, aiBANK recorded growth of 235.29% during the period from January to March of this year, with aiBank's share of net profits reaching around EGP 0.57 per share in the first quarter of 2024, compared to EGP 0.17 during the same period from 2023.
It is worth mentioning that the Bank achieved a growth in its equity portfolio of 5.95% in the first quarter of this year, registering EGP 6.86 bn by the end of March 2024, compared to EGP6.47 bn by the end of December 2023, an increase of EGP385mn.
The volume of the Bank's asset portfolio also increased at a growth rate of 10.16% during the first 3M of this year, recording EGP 67.69 bn by the end of March 2024, compared to EGP61.45bn by the end of December 2023, with an increase of EGP 6.24bn.
