AAIB continues to record significant results, achieving the fastest quarterly growth in profits in 9 years

The AAIB achieved a strong performance during the first half of 2024, especially in its net profits, jumping by 128.14%, marking the fastest quarterly growth in 9 years, thanks to the efforts of Temer Waheed, Vice Chairman and Managing Director of the Bank and his team.

This growth was the result of strategies to improve the efficiency of asset management and diversify sources of income, as well as a significant expansion in the volume of loans and assets

The net profits of the AAIB rose to EGP 7.5 bn in the first half of 2024, compared to EGP 3.3 bn during the same period from 2023, representing an increase of EGP 4.2 bn.

Highlighting the growth rates achieved over the past years, the Bank achieved a net profit growth of 92.7% during the first half of 2023, while growth of 53.3%, 4.6% during the same period in 2022 and 2021 respectively.

Net profits fell strongly during the first half of 2020 and 2019, falling by about 38.1% and 20.1%, respectively.

As for the growth rate of the net profits of the AAIB during the first 6 months of 2018, it was 4.8%, while it recorded 82.7%, 40.9% 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 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.

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