Arab Investment Bank Seen EGP80 million Profits by end-2014

Arab Investment Bank (AIB Egypt) is expected to register EGP 80 million total profits by end of 2014, chairman Hani Seif El-Nasr told Amwal Al Ghad on Sunday.

According to Seif El-Nasr, AIB Egypt’s portfolio of deposits has currently reached around EGP 6.5 billion. The bank’s loan portfolio hit EGP 3.6 billion approximately.

The top banking official also referred to the bank’s plans to boost its profits and financial indicators by 20% within 2015.

Meanwhile, AIB Egypt’s Extraordinary General Meeting (EGM) had agreed to raise the bank’s issued capital to EGP 1 billion from EGP 500 million during mid-2014.

AIB Egypt’s chairman further stated that the EGP 500 million increase in issued capital would be ratified in three years starting from the current year of 2014. This increase seeks to enhance bank’s strategic expansion and provide more credit for more economic sectors.