Alex Bank grows by 30.71% on First Bank Composite Growth Index during Q1-2023
The financial statements of Alex Bank, which ended on March 31, 2023, revealed that the bank recorded a composite growth rate of 30.71% in all branches of activity that include net profits, deposit, loan, and asset portfolios.
This rate was measured through a composite index developed by First Bank to measure the financial performance of banks with a single figure, during the first quarter of 2023.
The bank was able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), led by net profit that recorded a growth rate of 115.97% to record EGP 1.179 bn during Q1- 2023, compared to EGP 545.7 mn at the same period 2022.
Furthermore, the bank's Total asset came in second place with a growth rate of 3.89% during the first quarter of this year, bringing the total portfolio from EGP 133.1 bn at the end of December 2022 to reach EGP 137.6 bn at the end of first quarter of this year, achieving an increase of EGP 4.5 bn.
In addition, Total customer deposit portfolio Jumped to record EGP 112.9 bn by the end of March 2023, compared to EGP 110.7 bn by the end of 2022, achieving a growth rate of 2.02%, and an increase of EGP 2.2 bn.
The bank's Total customer loans rose with a growth rate of 1.45% to reach EGP 60.5 bn by the end of March 2023, compared to EGP 59.6 bn by the end of 2022، with an increase of EGP 866 mn.
