After rising its deposits by 39.7% during H1-2024, AAIB records fastest quarterly growth in 9 years

The AAIB customer deposit portfolio achieved record growth in the first half of this year, rising by about 39.7%, marking the fastest quarterly growth in 9 years, reflecting the Bank's expansion, and its success in attracting a broad segment of depositors, either corporates or individuals, thanks to the introduction of credit products at competitive return rates, and its outstanding study of changing customer needs

AAIB 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.

Highlighting the growth rates over the past years, the Bank has grown by about 30.1% in its deposit portfolio during the first half of 2023, while rising by about 15.1% in the same period from 2022.

In the first half of 2021, AAIB reported a decline of 1.6% in the size of its deposits and a decrease of 0.2% and 4.3% during the same period in 2020 and 2019, respectively.

The AAIB customer deposit portfolio rose by about 2% in the first half of 2018, while it increased by about 8%, 6.7% during the same period in 2017 and 2016 respectively.

Since the beginning of this year, the Bank  has been performing strongly in its financial indicators, with net profits jumping by 128.1%, to 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 from yield 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.

At the bank's financial position, the asset portfolio rose by 41.1% in the first half of this year, to 760.4 billion pounds by the end of June 2024, compared to 538.8 billion pounds by the end of 2023, an increase of 221.6 billion pounds.

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.

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