Alex Bank Leads in Personal Loan Investment Concentration During Q1 2023
First Bank
Alex Bank has taken the top position on First Bank list of banks most focused on investing in personal loans by the end of March, capturing a 43.17% share of the bank's total customer loan portfolio.
Despite a decrease in the bank's personal financing to EGP26.11 bn by the end of March 2023, compared to EGP27.54 bn by the end of 2022, Alexandria Bank still managed to maintain its focus on personal loans.
Meanwhile, total portfolio of customer loans and facilities saw an increase of EGP866 mn during the first quarter of the current year, reaching EGP60.5 bn by the end of March 2023, compared to EGP59.6 bn by the end of 2022.
Overall, Alex Bank achieved a steady growth in the current year, with net bank profits rising by 116% to reach EGP1.178 bn during the first quarter of 2023, compared to EGP545.7 mn during the same period in 2022, representing an increase of EGP632.8 mn.
The bank successfully strengthened its financial position, recording EGP137.6 bn by the end of March 2023, up from EGP 133.1 bn by the end of 2022, reflecting EGP 4.5 bn increase.
Additionally, the bank's customer deposit portfolio experienced a rise of around EGP2.2 bn during the first quarter of the current year, reaching EGP112.9 bn by the end of March 2023, compared to EGP 110.7 bn by the end of 2022.
