Attijariwafa bank Egypt has announced a record net profit of EGP 913.1m in the first half (1H) of 2023, up by 146.6% from the same period last year, when it recorded EGP 370.2m.
The bank attributed this exceptional performance to its strong financial position and flexible financial solvency, as well as its diversified sources of income.
The bank’s net interest income increased by 73% to EGP 1.96bn in June 2023 compared to EGP 1.13bn in June 2022. Net income from fees and commissions also rose by 46.5% to reach EGP 310.5m in June 2023, compared to EGP 211.9m in June 2022. Net trading income grew by 80.2% to reach EGP 149.5m in June 2023, compared to EGP 82.9m in June 2022.
The bank’s total assets reached EGP 75.4bn in June 2023, compared to EGP 61.7bn in December 2022, showing an increase of EGP 13.7bn, or 22%.
The bank’s gross loans showed an increase of 15.3%, reaching EGP 37bn in June 2023, compared to EGP 32.1bn in December 2022, without affecting the bank’s credit risk requirements as a result of a rational credit risk management.
Customer deposits also continued to grow and reached EGP 60.3bn in June 2023, compared to EGP 52.5bn in December 2022, achieving an increase of EGP 7.8bn, or 14.9%. This increase was mainly driven by current accounts and time deposits.