AAIB tops the fastest-growing banks in Egypt

The Arab African International Bank (AAIB) achieved a strong performance during the year, pushing it to top the fastest-growing bank on First Bank composite index in the first quarter of 2024 with a composite growth rate of 64.55%, up from second place on the same list in 2023.

This strong performance is driven by the significant growth achieved by the Bank in its net profit, which jumped 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.

The assets also played an important role in the Bank's leading the fastest growing banks on the First Bank composite growth index during the first quarter of this year, with its asset portfolio rising by 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

The deposit portfolio was the third contributor to this growth, rising at a growth rate of 23.14%, to reach 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.

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