The Arab African International Bank (AAIB), in conjunction with a group of banks operating in the local market, arranged a short-term syndicated loan worth EGP 2.5bn for the Holding Company for Food Industries.
The banks participating in the loan, led by AAIB, include Banque Misr, Qatar National Bank, Arab Bank, and Banque du Caire.
AAIB arranged this loan owing to the bank’s willingness to use its experience in the field of finance, which exceeds half a century, to supporting the vital objectives of the national economy, according to Vice Chairman and Managing Director of the bank Hassan Abdallah.
The bank has continued to grow; its financial statements during the first nine months of 2015 showed an unprecedented rise in the business results, he said.
According to these figures, the bank’s net profit rose to EGP 1.2bn in September 2015 compared to EGP 842m in September 2014, an increase of 47%.
The bank’s deposits portfolio amounted to EGP 81bn by the end of September 2015 compared to approximately EGP 56bn in September 2014, an increase of EGP 25bn or 46%.