In 2007, AAIB expanded net profits by 71.6% to $127m while in the first half of 2008 the bank’s net profit surged by a strong 64% to reach $91m, with healthy expansion in all sectors.
In 2007, AAIB established an investment arm, including the launch of Arab African Investment Management as well as acquiring the Borak brokerage firm. In the Gulf, AAIB doubled its profits in 2007 and quadrupled its loan portfolio through its UAE branches in Dubai and Abu Dhabi and expansion in Sharjah, Jebel Ali and Al Ain.
Following the acquisition of Misr America International Bank, AAIB has focused on organic growth with increased return on equity reaching 35.8% in 2007, a reduced cost-to-income ratio of 27% and a lower non-performing loan ratio of 3.1%. In addition, loans have expanded by 106%, with customer deposits up by 48%.
In other developments, AAIB has acted as a leading advisory bank in three major corporate deals as well as achieving strong growth in credit cards, cash loan and car loans of 28.5%, 244% and 300%, respectively.
