Alex Bank's Growth Slows to 20.82% in Q2-2023
First Bank
Alex Bank experienced a slowdown in its growth during the second quarter of 2023 compared to the first quarter of the same year. The bank recorded a composite growth rate of 20.82% in the second quarter of 2023, compared to 30.71% in the first quarter of the current year.
This information is according to the Composite Growth Index by First Bank to measure the financial performance of banks, which includes 4 indicators: net profits, assets, total customer loans, and deposits.
The bank managed to achieve positive results in 3 of the sub-indicators that make up First Bank Composite Index during the current second quarter, led by net profits, with the bank recording a growth rate of 72.37% in net profits during the second quarter of 2023 alone.
Additionally, the bank's asset and deposit portfolios contributed to this growth at rates of 6.29% and 5.68%, respectively, during the second quarter of the current year. Meanwhile, the bank experienced a decrease of 1.04% in its total customer loan portfolio from April to June 2023.
In the first quarter of the current year, net profits also had the most significant impact on growth in First Bank Composite Index. The bank achieved a growth rate of 115.97% in net profits during the first 3 months of 2023.
