aiBank returns to the black in 1Q2022

Arab Investment Bank (aiBank) bounced back from losses last year to generate a net income of EGP 140 mn in 1Q2022, it announced in a statement (pdf) yesterday. The bank had reported a EGP 1 mn loss in the same period in 2021 but entered the black this year on the back of a 41% rise in net interest income. The bank also attributed the improved performance to its restructuring and EFG Hermes and the Sovereign Fund of Egypt’s acquisition of a controlling stake late last year. The bank’s growth in profitability “reflects the success of the bank’s new strategy,” said CEO and Managing Director Tamer Seif El Din.