Dear Shareholders,

It is with great pleasure that I present to you the 2023 Annual Report of the Arab International Bank.

During the past year, we have successfully maintained our position in the Egyptian banking market. The separate and consolidated financial statements of the Arab International Bank demonstrated that we have preserved the bank’s position as one of the most prestigious banks within the Egyptian banking sector.

The bank demonstrated robust financial performance despite multiple challenges that faced the Egyptian economy including a surge in inflation, rising prices of essential goods, increasing interest rates as well as the fluctuation of exchange rates. The following is a summary of the bank’s key performance indicators for the fiscal year which has ended on December 31, 2023.

The Bank’s separate and consolidated financial statements have been prepared and presented. The separate net profit reached USD 68.6 million at the end of 2023, compared to USD 27.8 million at the end of 2022. Customer deposits reached USD 3,275 million at the end of 2023, and the coverage ratio for the expected credit loss provision for the loan portfolio stood at 31.1% at the end of 2023, compared to 30.9% at the end of the previous year.

The capital adequacy ratio for the banking group was 22.25% as of December 31, 2023. This exceeds the minimum rate set by the Central Bank of Egypt, inclusive of the conservation buffer, which is 12.50%.

The year 2023 witnessed the bank’s commitment to expanding and developing digital services while recognizing the significance of technology as a strategic enabler and a competitive advantage for our individual and corporate clients. In this regard, we continued to enhance our digital offerings to meet the evolving and increasing needs of our customers. The bank has adopted major initiatives in preparation for the launch of the new phase of advanced internet and mobile banking services, which will incorporate the latest technologies available in the banking market.

Finally, I would like to express my sincere gratitude to the esteemed members of the Board of Directors for their ongoing efforts. We will continue to strive for excellence through cooperation and commitment in all our dealings. This equally goes out to the Senior Management team and to all employees for their tireless efforts. We look forward to an upcoming year filled with achievement and further progress.

On behalf of myself and the members of the Board of Directors, I would like to extend our gratitude to our stakeholders for their support and trust, which have always been greatly valued and appreciated. We reaffirm our commitment to providing you with the highest standard of banking services.