AAIB achieves good performance in its financial efficiency indicators during Q1-2024
First Bank
Arab African International Bank (AAIB) improved its financial efficiency indicators during the first quarter of the current year, under the leadership of Temer Waheed, Vice Chairman and Managing Director of the Bank.
The following analysis highlights bank's development in financial efficiency indicators during Q1-2024.
The separate financial statements of Arab African International Bank- AAIB, ending on March 31 2024, revealed that the bank achieved an increase in return on average assets (ROA) of 0.57% during the first quarter of 2024, compared to 0.35% during the same period of 2023.
The return on average equity (ROE) of the bank reaching 3.80% during the first 3 months of the current year, compared to 2.06% during Q1 2023.
The main reason for the increase in ROE and ROA is the bank's net profits jumped by 184%, reaching EGP 3.51bn during Q1- 2024, compared to EGP 1.24bn during the same period in 2023, an increase of EGP2.28bn.
In terms of earnings per share, the bank recorded a growth rate of 184% during the first 3 months of 2024, with the bank's share of net profits reaching about EGP 31.66per share during Q1- 2024, compared to EGP 11.14 during Q1- 2023.
It is worth mentioning that AAIB achieved a growth of 129.4% in its asset portfolio an increase of EGP 158.3bn during the first quarter of the current year, as it increased from EGP 538.8bn at the end of December 2023 to EGP 697.1bn at the end of March 2024.
The bank's Equity portfolio also surged by 61% during the first quarter of the current year, reaching EGP 114.1 bn at the end of March 2024, compared to EGP 71 bn at the end of December 2023, an increase of EGP43.2bn.
