Alex Bank grows by 27.44% on First Bank Composite Growth Index during H1-2023

The separate financial statements of Alex Bank, which ended on June 30, 2023, revealed that the bank recorded a compound growth rate of 27.44% during the first half of Current year.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks with a single figure, in all branches of activity that include net profits, deposit, loan, and asset portfolios, during the period from January to June 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 91.65% to record EGP 2.365 bn during H1- 2023, compared to EGP 1.234 bn at the same period 2022, with an increase of EGP 1.131 bn.

Furthermore, the bank's Total asset came in second place with a growth rate of 9.89% during the first half of current year, bringing the total portfolio from EGP 133.1 bn at the end of December 2022 to reach EGP 146.2 bn by June 2023 end, achieving an increase around EGP 13.2 bn.

In addition, Total customer deposits came in third place, recording EGP 119.3 bn by the end of June 2023, compared to EGP 110.7 bn by the end of 2022, achieving a growth rate of 7.81%, and an increase of EGP 8.6 bn.

The bank's Total customer loans achieved a growth rate of 0.39% to reach EGP 59.8 bn by the end of June 2023, compared to EGP 59.6 bn by the end of 2022، with an increase of EGP 235 Mn.