Egypt’s Arab African International Bank says net profit jumped 70.7% in 2021

Egypt’s first Arab multinational bank Arab African International Bank (AAIB) reported on Monday a 70.7 percent year-on-year growth in net profit after tax for 2021.

Net profit after tax recorded $136.7 million at the end of 2021 from around $80 million at the end of 2020, according to the bank’s financial statements.

Profit before income tax rose to $215.68 million in 2021 from $151.76 million in 2020.

Net interest income reached $335.9 million at the end of 2021, down from $350.6 million last year.

Customers’ deposits stood at around $10.165 billion at the end of December 2021, up from $9.775 billion at the end of December 2020.

Portfolio of loans and advances jumped to $5.014 billion in 2021 compared to $4.145 billion in 2020.

Total assets also surged to $15.344 billion at the end of December 2021, from $14.266 billion at the end of December 2020.

AAIB was established by a special Law as a joint venture between the Central Bank of Egypt (CBE) and Kuwait Investment Authority (KIA), and was incorporated in 1964 as Egypt’s first Arab multinational bank. With each party holding a 49.37 percent stake, the CBE and the Kuwait Investment Authority constitute the core of AAIB’s shareholder base with a dollar-based equity.