AAIB tops fastest growing banks in Equity during H1-2024
First Bank
Arab African International Bank jumped to the top of the First Bank's list of fastest-growing banks in total equity during the first half of this year, with its portfolio rising by 65 .80%, reaching EGP 117.61 bn by the end of June 2024, compared to EGP 70.96 bn by the end of last year after ranking 13th in 2023.
AAIB has been performing strongly since the beginning of this year, jumping its net profit by 128.1%, reaching EGP 7.5 bn in the first half of 2024, compared to EGP 3.3 bn in the same period from 2023, with an increase of EGP 4.2 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
Regarding the Bank's financial position, the asset portfolio rose by 41.1% in the first half of this year, to 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.
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 deposits portfolio rose by 39.66% in the first 6 months of this year, registering EGP 549.899 bn by the end of June 2024, compared to EGP 393.739 bn by the end of 2023, representing an increase of EGP 156.160 bn.
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