$40 million.. The net profit of the Arab African Bank during the first quarter of 2023

The Arab African International Bank revealed its financial performance in the first quarter of 2023, during which it achieved net income from revenue of $109.2 million.

It also achieved net income from fees and commissions of $22 million, bringing net activity revenues to $146 million.

The independent financial statements of the Arab African International Bank showed a net profit of $40 million.

Total assets to $12.6 billion

The bank continued to significantly enhance its assets, bringing the total assets to $12.6 billion in the first quarter of 2023. On the credit front, the total loans amounted to $4.7 billion. Of which 4.2 billion US dollars are loans granted to institutions, including small and medium enterprises, and 572 million US dollars are loans granted to individuals, which enhances the Bank's role in supporting and growing the national economy.

In terms of deposits, the total deposits in the bank amounted to $8.4 billion, bringing the loan-to-deposit ratio to 56% in the first quarter of 2023.

3 banks

In another side, the competition increased between 3 banks to offer savings accounts with a high interest rate, and a flexible return exchange period during the current year, with the aim of attracting new customers and new savings, as well as providing a new product to their existing customers that allows them to enjoy different types of accounts.

Arab African International Bank, Cairo Bank, and Al Baraka Banks provided savings accounts with high interest rates to their customers.

Banks require specific papers from the customer before opening the account, including the signature, official request to open the account from any branch of the bank, and attach a copy of the personal card, on which the job is written, and in the absence of it, it is required to provide proof of income from the employer stating total monthly income, and sometimes the bank requests a receipt for modern utilities (water, gas or electricity). 

Arab African International Bank (Savings Plus Account)

• Interest rate: It ranges between 18% interest paid monthly, 18.5% paid quarterly, 19% paid semi-annually, and 20% paid annually. 

• The minimum amount for opening an account: starts from EGP 250,000.

• The minimum amount for calculating the return:

• it starts from the first 50 thousand pounds, and without that, the bank does not approve any return. 

• Minimum balance: 5 thousand pounds. 

• The fine for the account falling below the minimum: 60 EGP monthly fine.

Banque du Caire (Mega Savings Account)

• Interest rate: It is granted an upward return according to the account segment and is paid monthly, as follows.

• 12% interest on balances from EGP 50,000 to less than EGP 1,000,000. 

• 14% interest on the balance from one million pounds to less than 10 million pounds. 15% interest on balances from EGP 10m or more.

• Minimum balance to open an account: 1,500 pounds. 

• The minimum amount for calculating the return: it starts from the first 50 thousand pounds, and without that, the bank does not approve any return.

Al Baraka Bank (Variable Return Savings Account)

Interest rate: It varies from one tranche to another and according to the periodic exchange of the return, and reaches 14.25% at the highest tranche.

• From one thousand pounds to less than five thousand pounds: 4.25%. 

• From 5 thousand pounds to less than 50 thousand pounds: 7.25%.   

• From 50 thousand pounds to less than one million pounds: 9.25%. 

• From EGP 1 million to less than EGP 5 million: 11.5%. 

• From 5 million pounds to 10 million pounds: 12.75%.

• 10 million pounds or more: 14.25%. 

• The minimum amount to open an account: one thousand Egyptian pounds. 

• The minimum amount for calculating the return: one thousand pounds. 

• Penalty for less than the minimum balance: none.