Alex Bank recorded a composite growth rate of 11.26% in all its activities that included net profits, deposit

Analysis

Alex Bank grows by 11.26% On First bank’s Composite Growth Index At 2022

4/9/2023 1:17:00 PM

Alex Bank recorded a composite growth rate of 11.26% in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio During 2022, according to its latest separated financial results.

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure by the end of 2022.

Alex Bank was able to achieve positive results in all four sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), led by asset portfolio that recorded a growth rate of 15.80% to record EGP 133.1 bn by end of 2022, compared to EGP 114.9 bn at the end of 2021 with an increase of EGP 18.2 bn.

The bank’s deposits portfolio came in second place as, increased to EGP110.7bn by end of 2022, compared to EGP 95.7 bn by the end of 2021, achieving a growth rate of 15.65%, and an increase of EGP 15 bn.

Furthermore, the bank's Total loans and facilities to customers jumped by 9.89% to record EGP 59.6 bn at the end of 2022, compared to EGP 54.2 bn at the end of 2021 with an increase of EGP 5.4 bn.

In addition, net profit jumped by 3.61%, to reach EGP 2.849bn at the end of December 2022 compared to EGP 2.750 bn at the end of 2021, with an increase of EGP 99.3mn.