AAIB achieves the fastest quarterly growth in retail loans in 8 years
Mai El-Kafoury
The AAIB achieved record growth in its loan portfolio in the first half of this year, jumping by 44% to record the fastest quarterly growth in 8 years, topping the list of the fastest growing banks in retail loans in the first half of 2024.
Retail loans jump 44% in first half 2024
AAIB’s retail loans portfolio rose to EGP 26.85 bn by the end of June, compared to EGP 18.66 bn by the end of December 2023, with an increase of EGP 8.18 bn, and the relative weight of the portfolio rose to 14% of the bank's total customer loans by the end of June 2024, compared to a relative weight of 12% of its total loans by the end of last year.
Highlighting the growth rates achieved over the past years, the Bank achieved an 8.77% growth in its retail loans during the first half of 2023, while the portfolio rose by 15.24% during the same period in 2022.
The Bank also achieved a 2.08% growth in the size of its loan portfolio during the first half of 2021, while it registered an increase of about 0.29% and 3.15% during the same period in 2020 and 2019 respectively.
Overall, the AAIB managed to achieve outstanding growth rates during the first half of this year, with its net profit jumping by 128 .14%, to EGP 7.490 bn in the first 6 months of 2024, compared to 3 2,283 bn in the same period of 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 6 months of 2024, compared to 7 .01 bn during the same period of 2023.
The Bank's total deposits increased 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 portfolio of customer loans rose at a 24.86% rate and an estimated increase of about EGP 38.37 bn during the first half of this year, recording EGP 192.75 bn by the end of June 2024, compared to 154.37 bn by the end of December 2023.
