AAIB’s corporate sector achieves significant performance in 2024

AAIB’s corporate sector witnessed remarkable development and growth during the first quarter of 2024, reflected in the Bank's significant figures during this period, driven by the efforts of Temer Waheed, Vice Chairman and Managing Director of the Bank and his team.

Record jump in corporate loans

The Bank's corporate loans jumped by 23.5% in the first quarter of this year, reaching EGP 167.7 bn by the end of March 2024, compared to EGP 135.8 bn by the end of 2023, with an increase of EGP 31.9 bn, placing the Bank in fourth place on the list of the fastest growing banks in corporate loans during the first quarter of this year.

This strong performance was driven mainly by a rise in the balance of current accounts owed to corporates to EGP 72.8 bn by the end of the first quarter of 2024, compared to EGP 59.8 bn by the end of 2023, with a growth of 21.8%, and an increase above EGP 13 bn.

Direct loans portfolio also rose by 22.4%, an increase of EGP 5.7 bn during the first three months of this year, to reach EGP 31.3 bn by the end of March 2024, up from EGP 25.6 bn by the end of 2023.

The bank's syndicated loan portfolio rose from EGP 49.2 bn by the end of 2023 to EGP 62.4 bn by the end of March, with growth of 26.81%, an increase of LE13.2 bn, and discounted commercial papers and other loans recorded EGP 1.1 bn and LE52 mn respectively by the end of the same period.

AAIB’s corporate sector contributed 89.23% to the bank's total loans portfolio, which jumped to EGP 188 bn by the end of March 2024, compared to EGP 154.5 bn by the end of 2023, with a growth of 21.68% and an increase of EGP 33.5 bn, placing third on First Bank list of the fastest growing banks in total customer loans during the first quarter of this year.

Corporate deposits rise 27.7% in the first quarter of 2024

Bank's corporate deposits rose from EGP 228.4 bn by the end of 2023, to EGP 291.7 bn by the end of March 2024, with a growth of 27.71% and an increase of EGP 63.3 bn, placing the bank in second place on the list of First Bank list of the fastest growing banks in Corporate deposits during the first quarter of this year. The corporate sector accounted for 60.13% of the Bank's total deposit portfolio After the corporate deposit portfolio of the Bank rose to EGP 485.1 bn by the end of March 2024, compared to EGP 394 bn by the end of 2023, with a growth of 23.13%, and an increase exceeded EGP 91 bn, clinching third place on the First Bank list of fastest growing banks in customer deposits during the first quarter of this year. 

For more details about AAIB and its achievements, click more