ICEC

Arab African International Bank’s 2017 profits rise to $260 mln in Egypt

Arab African International Bank’s (AAIB), an international bank based in Egypt, consolidated financial statements showed an increase of 1% year-on-year in its profits during the full-year 2017. Consolidated profits amounted to $260.35 million last year, compared to $257.7 million in 2016, according to the bank’s statement issued on Wednesday.

Administrative expenses declined to $77.45 million in 2017, down from $106 million in the previous year.

The bank’s consolidated financial statements showed a decrease in lending revenue during 2017, registering $948.91 million, compared to $1 billion in the year before.

The lender’s standalone profits stood at $255.5 million in 2017 versus $251.58 million in 2016.

AAIB’s capital amounts to $500 million distributed over 100 million shares at a par value of $5 per share.

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