Cairo, : aiBANK has announced its business results for the first quarter of 2022, which testify to a strong performance driven by the developments the bank is witnessing, including the restructuring process and the entry of new investors against the background of the acquisition transaction at the end of 2021 , which saw the entry of EFG Hermes Holding as a shareholder. In addition to Egypt’s sovereign fund. On the other hand, the bank has increased the capital and raised the paid-up capital to 5 billion Egyptian pounds, in addition to the appointment of a new management team for the bank, which will lead the bank to growth and expansion.
In this context it was announced Tamer Seif El Din CEO and Managing Director of–«aiBANK» For the achievement of outstanding business results during the first quarter of 2022, reflecting the success of the bank’s new strategy, based on the development of the bank’s operational operations, the introduction of more innovative products and services, in addition to the establishment of a culture that aims to meet customers’ needs and ensure that the bank’s operations are aligned with the latest What technological solutions have achieved, with a positive impact on the customer, as well as on the quality, efficiency and effectiveness of the bank s operating activities. Saifuddin confirmed About the bank’s commitment to its plan to support the government’s efforts to promote economic growth and create promising opportunities in the Egyptian market.
This good performance was reflected in the increase in net profit to approximately 140 million Egyptian pounds during the first quarter of 2022, compared to losses of one million Egyptian pounds during the same period in the previous year, accompanied by an increase in the return on equity to record 11% compared to losses of 0.2%) during the same period last year. On the other hand, net income from returns increased by 41% to reach EGP 341 million during the first quarter of 2022, compared to about EGP 242 million during the same period last year.
In terms of operating performance, the bank achieved remarkable growth in net returns and commissions, reflecting the development of its main activities. This was accompanied by a 40% growth in net operating profit to reach 421 million Egyptian pounds during the first quarter of 2022, compared to 300 million Egyptian pounds during the same period last year.
In addition, the performance development during the first quarter of this year included an increase in the total portfolio of loans and credit facilities before calculating provisions by approximately 21% to record 13.648 million Egyptian pounds, compared to 11.305 million Egyptian pounds at the end of December 2021. The increase in both facility portfolios contributed to this growth.The credit granted to companies and institutions increased by 23% during the same period to record about 9 247 million Egyptian pounds, as well as the retail financing portfolio with 16% to about 4 401 million Egyptian pounds, with the bank still maintaining high ratios of both capital adequacy and liquidity, supporting the strategy. The growth targeted by the bank is in line with the economic challenges seen by the local and global arenas.
On the other hand, bank customer deposits increased by 8% during the first quarter of 2022 to 41.802 million Egyptian pounds, compared to 730.38 million Egyptian pounds at the end of December 2021. The bank’s total assets also showed a growth of 16% recorded to reach 52.585 million Egyptian pounds, compared to 45.451 million Egyptian pounds at the end of December 2021. Total equity increased to 5.009 million Egyptian pounds during the first quarter of 2022.
Seif El-Din added that the bank aims to provide innovative financing solutions to our clients from large, medium and small companies in various economic sectors, focusing on supporting the industrial sector to increase its production and export capacity. In addition, the bank developed its banking products and services for individuals and continued its plan to open new branches in the governors of Cairo, the Delta and the Upper Egypt region during the current and next two years, in addition to its interest in implementation. of automatic teller machines to cover most of the vital areas across the country. In light of the branch expansion strategy to serve different regions in Egypt, the bank will open its new branch in Arkan Plaza in Sheikh Zayed City to serve more customers in Western Cairo.
Seif El-Din stressed that the bank is eager to move forward with its digital transformation plans, after the development of the bank’s electronic platform became a necessity to support its operational stability, in addition to improving its competitiveness in the future, in the light of the global trend of the electronic payment system and digital transformation of banking services, which has helped to lay the foundations for a new era of financial inclusion, in addition to the development of the human element, which is the optimal investment for sustainable development to reach the Bank.
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aiBANK was established in 1974 as an investment and commercial bank under the supervision of the Central Bank of Egypt. It started its activities in 1978 with a capital of 40 million US dollars and was increased to 1,987 million pounds in 2020, and based on the resolutions of the General Assembly held on 10 October 2021, and after completion of the acquisition transaction, the approval of Increasing the paid-up capital to become
5,000,000,003 Egyptian pounds, after the change of ownership structure of the bank and the entry of new investors in addition to the existing investors as follows:
EFG Hermes Holdings LLC with 51%
Egypt Financial Services and Digital Transformation Sub-Fund by 25%
National Investment Bank with 24%
The bank provides all banking services to individuals through various retail banking services in addition to investment and treasury services with the provision of Islamic services for which a strong Sharia body operates in accordance with Islamic banking standards, in addition to its services to companies and institutions by participating in financing of huge national projects through syndicated loans that benefit the national economy and the bank at the same time, while national projects are linked to small and medium projects, which are currently seen as a shield of economic and social development.
The bank is based on providing its services to all customers through a number of (30) branches spread throughout the Republic, while working to expand geographically and open new branches, in addition to expanding the ATM network to cover most of the essential locations.
The Bank is keen to satisfy its customers by providing leading and competitive services while working to provide the latest information technology systems to develop performance, improve and increase the level of banking services, in addition to paying attention to the refinement of skills of employees by training them. on the latest training programs.
About EFG Hermes Holding
EFG Hermes Holdings (HRHO.CA Code: EGX; EFGD: LSE) has a direct presence in 13 countries across four continents as the company has its origins in the Egyptian market and has expanded over 38 years of continuous performance to transform from an investment bank in the Middle East region only to a Comprehensive bank in Egypt and the leading investment bank in emerging and border markets. The company has a professional team capable of providing a unique package of financial and investment services, ranging from promotion, underwriting, asset management, stockbroking, research and direct investment in emerging and frontier markets. In the Egyptian market, the company has a leading platform in non-bank financing services, covering various activities including microfinance, financial leasing and factorization, as well as buy now and pay later (BNPL), real estate financing and insurance.
With its recent acquisition of a majority stake in aiBANK, it has also enabled the company to offer banking products and services.
The three business sectors, Investment Bank, Non-Bank Finance and Commercial Bank, have contributed to consolidating the leading position unique to the company and improving its ability to launch more financial products and services, contributing to the providing a comprehensive package of services to meet the needs of its customers, individuals and companies of all sizes, and access to new customers.
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group can be Financial Hermes Holdings referred in this statement to future business, including for example Example regarding management expectations, strategy, goals, growth opportunities and indicators future activities. These statements about the future are not facts Really, but rather expresses the group’s vision for the future and many of these expectations in terms of Its nature is uncertain and is beyond the company’s control, and this includes – for example and not Limitation – fluctuations in the financial markets and the behavior of current competitors The potential and general economic conditions and the effects of the local currency position And current and future legislation and various regulations. Consequently, the reader must Be careful not to rely too heavily on forward-looking statements that are Correct on the date of publication.