AAIB tops fastest growing Banks in retail Loans during H1-2024

AAIB expanded the granting of retail loans during the current year, reflected in leading the First Bank list of fastest growing banks in retail loans during the first half of the 2024 at a growth rate of 43 .85%, up from 18th place on the same list but in 2023.

The retail loan portfolio jumped to EGP 26.9 bn by the end of June 2024, compared to EGP 18.7 bn by the end of 2023, with an increase of EGP 8.2 bn.

The substantial increase in the debit current accounts balance has had a significant impact on the growth of retail loans of AAIB, rising to EGP 8.4 bn by the end of June 2024, compared to EGP 2.2 bn by the end of 2023, with a growth of 285.47% and an increase of EGP 6.3 bn.

The personal loan portfolio rose to EGP 8.3 bn by the end of June 2024, compared to EGP 8.2 bn by the end of 2023, with growth of 1.85% and an increase of EGP 151.1 mn.

Credit card balance rose by 16.50% during the first half of this year, reaching EGP 1.1 bn by the end of June 2024, compared to EGP 929.5 mn by the end of 2023, with an increase of EGP 153.4 mn.

For other loans, EGP 44.9 mn were recorded by the end of June 2024, while discounted commercial papers amounted to EGP 6.2 bn by the end of the same period

Since the beginning of this year, AAIB has been performing strongly in its financial indicators, with its portfolio of assets rising by 41.1% during the first half of this year, reaching EGP 760.4 bn by the end of June 2024, compared to EGP 538.8 bn by the end of 2023, with an increase of EGP 221.6 bn.

Net interest income rose by 110%, registering EGP 14.7 bn in the first half of 2024, compared to EGP 7 bn in the same period from 2023, representing an increase of EGP 7.7 bn.

Net fees and commissions income rose to EGP 2.2 bn in the first half of 2024, compared to EGP 1.4 bn in the same period from 2023, with a growth of 53.6% and an increase of EGP 774.6 mn.

Profits per share jumped to EGP 67.8 per share in the first half of 2024, compared to EGP 29.7 per share in the same period from 2023, with growth of 128.3% and an increase of EGP 38.1 per share.

The bank's total customer loans jumped by about 24.9% during the first half of this year, reaching EGP 192.8 bn by the end of June 2024, compared to EGP 154.4 bn by the end of 2023, with an increase of EGP 38.4 bn. 

Customer deposit portfolio jumped to EGP 549.9 bn by the end of June 2024, compared to EGP 393.7 bn by the end of 2023, representing an increase of EGP 156.2 bn.

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