AAIB records fastest quarterly growth in its assets during H1-2024 in 8 years
First Bank
Arab African International Bank managed to achieve extraordinary growth in its asset portfolio during the first half of this year, jumping by 41.13%, achieving the fastest quarterly growth in 8 years, thanks to the efforts of Temer Waheed, Vice chairman and Managing Director of the Bank and his team.
AAIB’s assets portfolio rose to EGP 760.41 bn by the end of June, compared to EGP 538.81 bn by the end of December 2023, with an increase of EGP 221 .60 bn, ranking fourth on the list of Egypt's largest banks in terms of assets over QNB in the first 6M of 2024.
Highlighting the growth rates achieved over the past years, the Bank has achieved a growth in its asset volume of 28.63%, in the first 6 months of 2023 and AAIB’s assets portfolio increased by 8.77% during the same period in 2022, while its asset portfolio fell by 3.26% in the first half of 2021.
Turning to the performance of the Bank during the first 6 months of 2020, the assets portfolio saw growth of 9.96%, while a rise of about 2.55%, 1.54% during the first 6 months of 2019, 2018, respectively.
Overall, the AAIB achieved record growth rates during the first half of this year, with the Bank's net profit jumping by 128 .14%, to EGP 7 490 bn during the first 6 months of 2024, compared to 3 283 bn during the same period 2023.
Net interest income rose to grow at a 109.87% rate during the first half of this year after registering about EGP 14.70 bn in the first 6M of 2024, compared to 7 .01 bn during the same period 2023.
The total customer deposits of the Bank rose by 39.66% in the first half of 2024 after the portfolio was worth about EGP 549.90 bn by the end of June, compared to 393.74 bn by the end of December 2023, with an increase of EGP 156.16 bn.
The total customer loans portfolio rose by 24.86% and an estimated increase of EGP 38.37 bn during the first half of this year, to register EGP 192.75 bn by the end of June 2024, compared to 154.37 bn by the end of December 2023.
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