After achieving EGP1.18 bn in net profits during Q1-2023, What are the most profitable sectors from Alex bank ?

Alex bank achieved strong growth in the first quarter of 2023, primarily driven by significant growth in its branches located in the Greater Cairo sectors. These branches saw a transformation from losses in  Alexandria, Delta, and Sinai sectors during the first 3 months of the previous year to net profits during the same period of the current year. Additionally, the bank managed to significantly reduce its losses from branches in Upper Egypt.

The bank's net profits including its various branches and banking units totaling 179 branches, jumped to EGP1.18 bn in the first quarter of 2023, compared to EGP 545.68 mn in the same period of 2022, achieving a growth rate of 115.97% and an increase of EGP632.84 mn.

The branches of Alex bank located in the Greater Cairo sectors had the largest impact on achieving this significant leap, with the bank's net profits from these branches reaching EGP 1.14bn in the first quarter of 2023, compared to EGP618.5 mn in the same period of 2022, achieving a growth rate of 85.09% and an increase of EGP526.23 mn.

The bank's net profits from its branches in the Greater Cairo sectors recorded 97.13% of the bank's net profits in the first quarter of 2023.

Alex bank succeeded in achieving net profits from its branches located in Alexandria, Sinai, and Delta sectors, with net profits of EGP34.7 mn in the first quarter of 2023, compared to losses of EGP49.9 mn in the same period of 2022.

Net profits from its branches in Alexandria, Sinai, and Delta recorded 2.94% of the bank's net profits in the first quarter of 2023.

However, the bank incurred losses from its branches in Upper Egypt reached EGP 870,000 in the first quarter of 2023. Nevertheless, the bank succeeded in reducing its losses from the previous year when it recorded losses of EGP22.84 mn in the same period of 2022.

Overall, Alex bank achieved average performance in the first quarter of the current year. The bank's asset portfolio increased by 3.39% to reach EGP137.6 bn by the end of March 2023, compared to EGP133.1 bn at the end of 2022, with an increase of EGP4.506 bn.

Deposits portfolio increased by EGP2.2 bn, reaching EGP 112.9 bn by the end of March 2023, compared to EGP110.7 bn at the end of 2022, achieving a quarterly growth rate of 2.01%.

Total loans and facilities to customers increased by 1.45% to reach EGP60.5 bn by the end of March 2023, compared to EGP59.6 bn at the end of 2022, with an increase of EGP865.36 mn.