Alex Bank's Net Profits Surge by 91.65% in H1-2023, Reaching EGP 2.365 Bn

The latest financial results released today on the bank's official website reveal a remarkable growth in Alex Bank's net profits, with a staggering 91.65% increase during the first six months of the current year. The bank reported net profits of EGP 2.365 bn for the first half of 2023, compared to EGP 1.234 bn during the same period in 2022, marking an impressive increase of EGP 1.131 bn.

Pre-tax profits also experienced a substantial growth rate of 81.06%, reaching EGP 3.414 bn for the first half of 2023, as opposed to EGP 1.885 bn in the corresponding period of 2022. This indicates an increase of EGP 1.528 bn in pre-tax profits.

The bank's total assets showed a growth rate of 9.89%, with an increase of EGP 13.2 bn during the first half of the current year. By the end of June 2023, the bank's total assets stood at EGP 146.2 bn, compared to EGP 133.1 bn at the end of December 2022.

Furthermore, Alex Bank successfully expanded its customer deposit portfolio by approximately EGP 8.6 bn, achieving a growth rate of 7.81% in the first half of the current year. Customer deposits totaled EGP 119.3 bn by the end of June 2023, up from EGP 110.7 bn at the end of December 2022.

The bank also increased credit issuance to its clients by EGP 235 mn. This came after the overall customer loan and facility portfolio experienced a growth rate of 0.39% in the first half of the current year, reaching EGP 59.844 bn by June 2023. This is in contrast to the figure of EGP 59.609 bn at the end of December 2022.