Arab Investment Bank profits hit US$16.5mn end June 2015

Arab Investment Bank (AIB) has attained profits worth 130 million Egyptian pounds (US$ 16.5million) within the first half of 2015, Chairman Hani Seif El-Nasr stated Monday. The bank targets achieving high growth rates at the end of 2015.

The chairman stated that AIB has participated in four joint loans for petroleum, power and petrochemicals sectors.

The official made these remarks on the sidelines of Euromoney Egypt 2015 conference held Monday with the theme of ‘ Financing the Future’.

Arab Investment Bank aims at inaugurating new 17 branches at the end of 2016, representing 100% growth in bank’s current branches; 18 branches.

Seif El-Nasr clarified that the 17 new branches will be; 12 branches to serve retail and small enterprises sectors and five comprehensive branches. The new branches are set to largely serve Upper Egypt and Nile Delta governorates.

Arab Investment Bank’s deposits rose five-fold to 9.2 billion Egyptian pounds within the last three years versus two billion Egyptian pounds. In addition, bank’s budget has been increased from 4 billion Egyptian pounds to 11 billion Egyptian pounds.

During the last three years, the loan portfolio of AIB has jumped from 2 billion Egyptian pounds to 4.5 billion Egyptian pounds after settling nonperforming debts and exempting some debts.

Seif El-Nasr noted that AIB is to allocate around one billion Egyptian pounds as direct funds for Suez Canal axis projects in addition to indirect funds with other banks.

Arab Investment Bank has recently signed a contract with Social Development Fund (SFD) worth EGP80 million to finance Small and Micro Enterprises (SMEs), the chairman said.