AAIB To Increase Deposits By EGP 6 Bln In 2012

Arab African International Bank (AAIB) targets to increase its customers’ deposits by a rate ranging from 15% to 20% during this year. AAIB’s deposits reached EGP 31 billion at the end of last April, with an increase of EGP 1.5 billion up from the volume of deposits registered at the end of December 2011.

Individual deposits acquired 45% and foreign deposits acquired 15% of the total volume of deposits. The foreign deposits are being invested in dollar loans and dollar bonds, Amr Abdelal, head of branches and deputy head of retail banking department, told Amwal Al Ghad.

AAIB does not plan to launch new savings instruments in the upcoming period, as the Bank has 50 savings instruments with competitive returns, Abdelal added.

Abdelal said retail banking represents 12% of the Bank’s profit. Individual deposits account for 3.1% of market share, while individual loans account for 1.5% of market share. AAIB has 225 retail banking customers and plans to increase its numbers through expanding in offering new products such as car loans, platinum cards, direct payment and physicians and pharmacists’ loans by the second half of the current year after the presidential elections.