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AAIB Q1 profit rises 9.2% to $40.5 mln

AAIB Q1 profit rises 9.2% to $40.5 mln
Arab African International Bank (AAIB) posted $40.5 million standalone net profit for Q1 that ended on March 31, 2014, with an increase of 9.2% compared with $37.1 million net profit reported in the same period a year earlier.
Established by special law as a joint venture between the Central Bank of Egypt (CBE) and Kuwait Investment Authority (KIA), AAIB was incorporated in 1964 as Egypt's first Arab multinational Bank. With each party holding a 49.37% stake, the Central Bank of Egypt and the Kuwait Investment Authority are the core of AAIB's shareholder base.
With a history of solid banking tradition since its establishment, Arab African International Bank is Egypt's fastest growing bank in terms of size and profitability, with a compounded average growth rate for deposit and loan portfolios that has consistently outperformed market norms. These growth rates substantiated AAIB's vision to become the leading Financial Group in Egypt, providing innovative services with a strong regional presence and establishing itself as the gateway for international business into the region.