AAIB gets close to clinch the forth position from QNB on the largest Banks in Egypt list

AAIB has seen record growth in its asset volume since last year, to be able to return to its position as the fifth largest bank in the asset market, thanks to its superiority in studying the needs of the Egyptian banking market well, offering products that correspond to the needs of its customers from different individuals and corporates, as well as its growing interest in digital transformation that attracted different segments of young people to it.

It appears that the rising journey of the AAIB under the leadership of Temer Waheed, the bank's CEO, will not stop at fifth place in the list of the largest Egyptian banks.

AAIB has managed to reduce the gap between it and QNB at the level of asset volume to the lowest level in the last five years. 

Over the past five years, the gap between AAIB and QNB has narrowed from EGP 75.4 bn by the end of 2019, to EGP 24.7 bn by the end of March 2024, marking the lowest level during this period. This strongly enhances the probability that AAIB will take fourth place in the asset market from QNB during the current year, once the bank continues to grow rapidly, amid a Medium performance of Qatar National Bank growth.

During the first quarter of this year, the AAIB's asset portfolio experienced strong growth, jumping 29.4%, reaching EGP 697.5 bn by the end of March 2024, compared to EGP 539.2 bn by the end of December 2023.

It is worth mentioning that the increase achieved by AAIB in the first quarter of 2024, amounting to EGP 158.3 bn, is the largest quarterly increase over the past seven years, and prompted the bank to clinch second place in the list of the fastest growing banks in assets during the first quarter of this year. You can view the list in full by clicking here

QNB's assets rose at a lower pace than AAIB, rising by 16.38%, and an increase of EGP 101.63 bn during the first quarter of this year, reaching EGP 722.16 bn by the end of March 2024, compared to EGP 620.53 bn by the end of December 2023. Overall, AAIB recorded record growth during this year, with net profits jumping by 183.8%, marking the fastest quarterly growth in 9 years, reaching EGP 3.5 bn in the first quarter of this year, compared to EGP 1.2 bn during the corresponding period of 2023, with an increase of EGP 2.3 bn.

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 in AAIB rose by 21.70%, and an estimated increase of EGP 33.5 bn during the first quarter of this year, to register 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 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.