Dear Shareholders,

On behalf of myself and the members of the board of directors of the Arab International Bank, I am pleased to present to you - through the 2024 Annual Report - our key achievements during the year, along with the audited financial information for the fiscal year which has ended on December 31, 2024.

The year 2024 witnessed significant economic developments, both globally and domestically. Despite the continued inflationary pressures and rising interest rates on one hand, and the ongoing governmental efforts to rationalize spending and control public debt on the other, the bank succeeded in delivering strong financial performance, as reflected in its financial statements. The following data highlights the bank’s key performance indicators for the fiscal year which has ended on December 31, 2024:

The separate and consolidated financial statements of the bank have been prepared and presented. As of December 31, 2024, total assets in the separate financial statements amounted to USD 4.626 billion, compared to USD 4.440 billion as of December 31, 2023, representing an increase of USD 186 million and a growth rate of 4.2%. It is worth noting that the depreciation of the Egyptian Pound against the US Dollar during 2024 negatively impacted total assets, resulting in a decline equivalent to USD 728 million.

Net profit in the separate financial statements amounted to USD 77.4 million at the end of 2024, compared to USD 68.6 million at the end of 2023, reflecting an increase of USD 8.8 million and a growth rate of 12.8%. The depreciation of the Egyptian Pound against the US Dollar during 2024 negatively impacted net profit, resulting in a reduction of approximately USD 15 million.

It is worth noting that net profit in the separate financial statements does not include the bank’s share of profits from subsidiaries and associates, as the bank prepares consolidated financial statements. The bank’s share of such profits is recognized in the separate financial statements only upon actual cash distribution. Had the bank’s share of profits from subsidiaries and associates through December 31, 2024 been taken into account, net profit would have amounted to USD 129 million, compared to USD 114.6 million at the end of 2023, as reflected in the consolidated financial statements.

Total customer deposits amounted to the equivalent of USD 3608 million at the end of 2024, compared to the equivalent of USD 3275 million at the end of 2023. It is worth noting that customer deposits in Egyptian Pounds increased by 90% by the end of the year, while customer deposits in foreign currencies increased by 4.4% compared to the previous year-end. However, this overall growth was not fully reflected in total customer deposits due to the depreciation of the Egyptian Pound against the US Dollar during 2024.

During this period, the bank focused on updating its systems and operational procedures, strengthening the internal control environment, and acquiring new computer systems. The executive management also placed special emphasis on improving the quality of the credit portfolio and supporting its provisions, following a comprehensive review of the existing portfolio, along with the restructuring and close monitoring of facilities granted to customers.

The bank continued to maintain a strong capital adequacy ratio, calculated on a consolidated banking group basis in accordance with the directives of the Central Bank of Egypt, reaching 24.12% as of December 31, 2024, while the minimum requirement, including the capital conservation buffer, stood at 12.50%, as per the Central Bank of Egypt’s instructions.

Significant steps have also been taken to expand retail banking services through digital transformation, the introduction of new products, and carefully planned geographic expansion. This approach stems from our commitment to providing the highest levels of convenience and ensuring easy access to our core services for customers wherever they are, while remaining attuned to their growing needs. The number of the bank’s branches increased from 9 in 2016 to 21 by the end of 2024, with two additional branches opened during the first quarter of 2025, bringing the total to 23. Preparations are also nearing completion for the opening of three more branches later this year, alongside the establishment and outfitting of the bank’s new headquarters in the New Administrative Capital.

All these initiatives and more reflect our strong commitment to delivering innovative banking solutions, as we continued to apply a customer-centricity approach.

In conclusion, I would like to express my sincere thanks and appreciation to the esteemed members of the bank’s board of directors for their continued efforts and guidance. I also extend my gratitude to the executive management and all bank employees for their dedication and tireless work, which have been instrumental in achieving key milestones and maintaining Arab International Bank’s strong position in the Egyptian market. We look forward to a year of continued success and further progress for our bank.

I would also like to extend our heartfelt thanks and appreciation to our valued clients and all those who deal with the bank for their trust and ongoing support. We reaffirm our unwavering commitment to meeting your expectations and delivering the highest standards of distinguished banking services.