AAIB tops the Fastest-Growing Banks in Shareholders' Equity during Q1-2024

The Arab African International Bank jumped to the top of First Bank list of the fastest growing banks in Shareholders' Equity during the first quarter of this year, with its portfolio growing by 60.83% to EGP 114.12 bn by the end of March 2024, compared to EGP 70.96 bn at the end of December 2023, Up from the 13th place it had held in the list in the year 2023.

The AAIB recorded an overall exceptional performance during the current year, with net profits rising by 183.3%, reaching EGP 3.5 bn during the first quarter of this year, compared to EGP 1.2 bn during the corresponding period from 2023, with an increase of EGP 2.3 bn, recording the fastest quarterly growth in 9 years.

Its asset 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.

The total customer deposits of the Bank rose by 23.14%, reaching 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 AAIB 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. 

This strong performance led AAIB to achieve a 64.53% growth rate on the First Bank composite growth 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.

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