Alex Bank Leads in Focus on Savings and Deposit Certificates in Q1-2023
First Bank
Alex Bank has emerged as the leader in prioritizing savings and deposit certificates, according to First Bank ranking for the most focused banks on these certificates, as of the end of March. The bank managed to capture 44.81% of its total deposits from savings and deposit certificates during the same period.
This achievement comes despite a decrease in the balance of savings and deposit certificates held by the bank, which stood at EGP50.61 bn at the end of the first quarter of 2023, down from EGP 51.68 bn at the end of 2022.
Furthermore, the bank's deposit portfolio increased by 2.02%, reaching EGP112.93 bn by the end of March 2023, compared to EGP110.7 bn at the end of 2022, marking an increase of EGP 2.24 bn.
In terms of the distribution of customer deposits, Alex Bank witnessed a 6.75% increase in demand deposits, totaling EGP36.72 bn by the end of the first quarter of the current year, up from EGP34.40 bn at the end of 2022, reflecting a EGP2.32 bn increase.
As for time deposits and notice deposits, they increased by EGP720 mn during the first three months of the current year, reaching EGP7.996 bn by the end of March 2023, compared to EGP7.28 bn at the end of 2022, with a quarterly growth rate of 9.90%.
Savings deposits also experienced growth, rising from EGP16.46 bn at the end of 2022 to EGP16.95 bn at the end of March 2023, representing a growth rate of 2.98% and an increase of EGP 490.77 mn.
Other deposits, on the other hand, amounted to EGP658.10 mn by the end of the first quarter of 2023, down from EGP881.63 mn at the end of 2022.
In general, Alex Bank achieved moderate growth during the current year, with its net profits increasing by 116% to reach EGP1.178 bn during the first quarter of 2023, up from EGP545.7 mn during the same period in 2022, marking an increase of EGP632.8 mn.
The bank's total customer loan and facility portfolio also increased by EGP866 mn during the first quarter of the current year, reaching EGP60.5 bn by the end of March 2023, compared to EGP 59.6 bn at the end of 2022.
The bank's asset portfolio also grew to EGP 137.6 bn by the end of March 2023, up from EGP133.1 bn at the end of 2022, reflecting an increase of EGP4.5 bn.
