aiBANK records EGP 1.7bn revenues in 2022

Daily News Egypt
4 Min Read

The general assembly of aiBANK approved the bank’s financial statements on 26 March for the fiscal year ending on 31 December 2022.

The bank reported EGP 525.6m in net profits and EGP 1.79bn in net interest income in 2022, compared to EGP1. 113bn in 2021, a 61% increase.

in the light of the acquisition by EFG Hermes Holding and the Sovereign Fund of Egypt (TSFE), and the change of the bank’s legal structure to become an Egyptian joint stock institution under Law 159 of 1981.

Tamer Seif El-Din, CEO and Managing Director of aiBANK, expressed his delight in achieving outstanding business results in 2022, despite local and global challenges, which reflects the bank’s management’s clear and stable vision and strategy that focuses on expansion and differentiation among competition through restructuring all the bank sectors to provide distinguished service, double its business size, and diversify its activities associated with well-studied policies for modernization and development, adopting a due diligence approach while taking the right precautions in confronting challenges, dealing with data, and maintaining an acceptable level of risk.

As part of the reform and development restructuring, the bank has developed a clear strategy to invest in the human element through continuous human capital development, as well as investing in technological solutions and launching a distinguished package of banking products and services to meet the needs of customers and shareholders.

Seif El-Din added that the bank is committed to supporting the government’s efforts to foster economic growth and promote financial inclusion through all of its products and services to attract more savings and utilize them for investment purposes, as well as integrating the informal economy and thus offering new job opportunities to the Egyptian market.

He emphasized that the most important element of the bank’s profits is the operating profits generated by the primary business activities, excluding any unusual activities, in addition to covering all the bank’s reform and development restructuring expenditures.

In terms of operating performance, the bank has achieved remarkable growth in net returns and commissions, reflecting the development of its primary business activities. This was complemented by a 71% increase in net operating profits compared to the same period last year. This year’s outstanding performance entailed an increase of 84% in the portfolio of loans and credit facilities before deducting provisions over the same period the previous year.

The increase in the credit facilities portfolio granted to companies and institutions contributed to this growth as it recorded a 107% rise amounting to EGP 15.5bn. The retail banking portfolio increased by 41% over the same period of the previous year, while the bank continues to maintain a high capital adequacy ratio, which reached 19.5%, supporting the bank’s growth plans through the global and local economic challenges.

Moreover, the bank’s customer deposits increased by 24% to reach EGP 48.2bn, compared to about EGP 38.7bn recorded in December 2021. The bank’s total assets increased by 22%, to reach EGP 55.4bn, compared to EGP 45.5bn in December 2021. Total owner’s equity reached EGP 5.3bn in 2022.

Share This Article
Leave a comment