QNB Al Ahli grows by 36.12% On First bank’s Composite Growth Index during Q1-2023

QNB Al Ahlirecorded a composite growth rate of 36.12% in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio During Q1-2023, according to its latest separate 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 during Q1- 2023.

The bank was able to achieve positive results in all four sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), led by net profit that recorded a growth rate of 119.67% to record EGP 4.48 bn during Q1 2023, compared to EGP 2.04 bn at the same period 2021 with an increase of EGP 2.44 bn.

The bank's deposit portfolio came in second placeachieving a growth rate of8.85% it increased to EGP 443.11 bn by the end of March 2023, compared to EGP 407.07 bn by the end of 2022.

In addition, the bank's Total asset portfolio increased to EGP 517.4 bn by the end of March 2023, compared to EGP 476.8 bn by the end of 2022, achieving a growth rate of 8.52%, and an increase of EGP 40.6 bn.

Furthermore, the bank's Total loans and facilities to customers increased by 7.42%  to reach EGP 247.9 bn by the end of March 2023, compared to EGP 230.8 bn at the end of 2022an increase of EGP 17.1 bn.