Arab Investment Bank Eyes Capital Hike, 20% Growth by 2014-end

Arab Investment Bank of Egypt (AIB) is targeting a capital increase to EGP 1 billion besides a 20% growth in profits by the end of the current year. The bank is planning to increase capital which stood at EGP 500 million by 2013-end.

Speaking to Amwal Al Ghad on Thursday, AIB Chairman Hani Seif El-Nasr said his bank is planning a capital hike with the help of the retained earnings besides shareholders’ equities. He referred that the volume of AIB’s assets recorded EGP 6 billion by 2013-end.

Moreover, AIB’s board is seeking to attain a 20% growth in earnings by the end of the current year, Seif El-Nasr noted.

AIB registered profits worth over EGP 65 million by the end of last year, which are currently reviewed and audited by the Central Auditing Organization (CAO).