EFG Hermes’ aiBank reported an annual net profit of $17 million (EGP 525.6 million) in 2022, driven by net interest income which surged by 61% to EGP 1,791 million compared to EGP 1,113 million in the previous year.
The growth follows the bank’s acquisition by EFG Hermes and the Sovereign Fund of Egypt as well as the change in its legal structure to become an Egyptian joint stock institution.
aiBank achieved remarkable growth in net returns and commissions, reflecting the development of its primary business activities. The bank noted that this remarkable growth was complemented by a 71% increase in net operating profits compared to the same period last year.
The lender said its 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.
Tamer Seif El-Din, CEO and Managing Director of aiBank, said 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 utilise them for investment purposes, as well as integrating the informal economy and thus offering new job opportunities to the Egyptian market.
aiBank has developed a clear strategy to invest in human capital development, technological solutions and the launch of a distinguished package of banking products and services to meet the needs of customers and shareholders.
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 15.5 billion. 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.
aiBank’s customer deposits increased by 24% to reach EGP 48.2 billion, compared to about EGP 38.7 billion recorded at the end of December 2021. Its assets rose by 22% to EGP 55.4 billion compared to EGP 45.5 billion in 2021.
The bank supported small and medium businesses with loans worth EGP 3.6 billion in 2022, from EGP 2.4 billion a year earlier, exceeding the mandatory percentage specified by the Central Bank of Egypt.
