Alex bank sees a poor performance in profits, while Expanding retail services is the best solution

 

 

Alex bank achieved weak growth in its net profits over the past year, as it increased by 3.61%, until it reached EGP 2.85 bn in 2022, compared to EGP 2.75 bn in 2021, an increase of EGP 99.34 mn.

However, the bank can achieve more profits by enhancing its dealings with individuals, which include current account activities, savings, deposits, credit cards, and Mortgage loans.

This is based on the fact that the return on Bank of Alexandria’s banking business in retail is the largest among the bank’s sectoral activities, reaching 6% in 2022, while return on MSEs reached 4.51% during the same period.

As for the Return On Investment, reached 3.46%, while return from corporates was the lowest for the bank, as it reached 2.24% in 2022.

It is worth noting that the bank achieved strong profits from individuals during the past year, as its net profits from individuals amounted to 1.65 bn in 2022, compared to EGP1.14 bn in 2021, achieving a growth rate of 45%, and an increase of EGP512.6 mn.

While it achieved weak profits in the rest of its banking business, whether it was for large, medium, and small financial corporates, its net profits from MSEs increased by 4.70%, recording EGP367.51 mn during 2022. , compared to EGP351.03 mn in 2021, an increase of EGP 16.48 mn.

Its net profits from large corporates rose to EGP451.62 mn in 2022, compared to EGP438.42 mn in 2021, achieving a growth rate of 3.01%, and an increase of EGP13.2 mn.

While the bank succeeded in shifting from losses resulting from investment reached EGP7.96 mn during 2021, to net profits of EGP5.50 mn during 2022, it is worth noting that investment activities include the activities of merging companies, purchasing investments, corporate restructuring, and financial instruments.

While the bank's net profits from other activities reached EGP373.14 mn during 2022.