Egypt’s Arab Investment Bank 2017 net revenues grow 15%

Egypt’s Arab Investment Bank (AiBK) says its full-year net revenue has grown 15 percent from a year ago, reaching around 1 billion Egyptian pounds ($56.2 million).

Net profit before tax has recorded 450 million pounds at the end of 2017.

Customers’ deposits have also grown 37 percent from a year ago to around 32 billion as recent initial indicators showed, said its chairman Hany Seif El Nasr in a statement on Sunday.

Loan portfolio has also risen to reach 10 billion pounds, he added.

“The Arab Investment Bank is targeting up to 25 percent growth rates in its next year profits.” Seif El Nasr said.

The bank’s financing portfolio for the small and medium-sized projects stood at around 4 billion pounds, representing 40 percent of its total loans and facilities, he further said.

“The bank’s top target for 2018 is to expand considerably in financing SME projects,” Seif El Nasr said.

AiBK is set to sign a cooperation protocol with the Industrial Development Authority (IDA) and Suez Industrial Development Company (SIDC), aimed at providing credit facilities for small manufacturers in the country, he said.