|Arab International Bank|
The Bank is targeting the establishment of a new institutional image in the market and augmenting the growth rates in a manner that reflects its optimistic vision for the future of the Egyptian economy particularly in the light of the framework of the State Economic Reform Plan and the stability of the political conditions.
The bank is also planning to achieve its targets through increasing the portfolio of loans and credit facilities in Egyptian Pound and accomplishing the goal of making the credit portfolio used to finance small and medium enterprises (SME) in order to reach 20% of the overall credit portfolio by the end of 2019 in addition to increasing the Bank’s share of deposits in the market, achieving annual growth rate that is not less than 10% of the total assets, recycling direct investments portfolio and using the state of the art technology to modernize the entire information technology system of the Bank.
Among the most prominent outcomes accomplished by the Bank during the year 2016, the increase of customers’ deposits in Egyptian Pound from EGP 1.756 billion to be EGP 21.378 billion and multiplying the annual revenues at a percentage of 101% to amount to US$ 280 million compared to US$ 139 million in the previous year. In addition, the increase in profits before the exchange differences losses of the monetary balances resulting from the liberalization of the exchange rate that was US$ 59.4 million and turned out to be US$ 70.6 million which represents a growth rate of 19%. However, the exchange differences losses of the monetary balances resulting from the liberalization of the exchange rate in November 2016 negatively affected the net profit with an amount of US$ 31.7 million to become US$ 38.9 million.
Taking into account the significance of increasing the capital base of the Bank, a resolution was made to the effect of not having dividends appropriation this year based on the shareholders’ desire to expand and strengthen the standing of the Bank in the Egyptian market.
Accordingly, the Management of the Bank reaffirms its strong and sincere commitment to implementing the ambitious expansion strategy to benefit from the advantageous opportunities of growth in the Egyptian market while being supported by the efficiency of its professional team, the shareholders’ confidence in their Bank Management and their strong desire to overcome the challenges of the present time and their swift response to the requirements of the future.