Attijariwafa bank Egypt achieved a net profit of EGP 434.5m during the first quarter (1Q) of 2023, compared to EGP 176.3m in 1Q 2022, an increase of EGP 258.2m, a growth rate of 146%.
In a statement, the bank said that the net income from the return amounted to EGP 914m in 1Q 2023, compared to EGP 520m in 1Q 2022, with a growth rate of 75.8%, while the net income from fees and commissions amounted to EGP 165m, compared to EGP 106m, an increase of 56.3%. Net trading income amounted to EGP 65m, compared to EGP 52m, an increase of 25%.
According to the bank, this exceptional performance was driven by the fundamentals of the bank’s financial position and flexible solvency, along with an increase in total assets to EGP 64.4bn in March 2023, compared to EGP 61.7bn in December 2022, an increase of EGP 2.7bn, with a growth rate of 4.3%.
Attijariwafa achieved a breakthrough in increasing the size of its loan portfolio during 1Q 2023, as total loans reached EGP 33bn, compared to EGP 32.1bn in 2022, recording an increase of EGP 900m, with a growth rate of 2.85%, which led to a boost in income, supported by an increase in fees and commissions. The statement indicated that this growth in facilities occurred without imposing pressure on the bank’s credit risk requirements, thanks to the wise management of risks and health coverage from the bank.
The bank pointed out that the customer deposits portfolio also continued to grow, with total deposits reaching EGP 54.9bn in March 2023, an increase of EGP 2.4bn, a growth rate of 4.5% compared to 2022.