Alex Bank resource employment rate declines to 72.38% by June 2023 end

Resource employment rate at Alex Bank saw a slight decline, decreasing to 72.38% by the end of June 2023, compared to 73.17% at the end of 2022.

This indicator, launched by the Firstbank Research Center, measures the traditional resource employment rate (deposits + ownership rights) against (loans + financial investments) in the Egyptian banking sector.

The decline in this rate during the first half of 2023 reflects Alexandria Bank's continued conservative approach to resource employment during this period.

The bank employed EGP98.56 bn of its traditional resources, which amounted to EGP136.18 bn at the end of the first half of 2023, with EGP38.72 bn for financial investments and EGP59.84 bn for total customer loans.

This is compared to employment of EGP91.9 bn of traditional resources, which amounted to EGP 125.6 bn at the end of 2022, with EGP 32.3 bn for financial investments and EGP59.6 bn for total customer loans.

The bank's traditional resources at the end of June 2023 were distributed between a deposit portfolio value of EGP119.35 bn and shareholders' Equity value of EGP16.83 bn at the end of the same period.

loans to deposits ratio at the bank decreased to 50.14% by the end of June 2023, compared to 53.85% at the end of 2022.

Meanwhile, financial investment to deposits ratio increased to 32.44% by the end of the first half of 2023, compared to 29.20% at the end of 2022.

The bank's employment index during the first half of 2023 further distanced it from the Egyptian banking sector's average, as the employment index for the banking sector was approximately 91.92% by the end of March 2023, according to the latest data from the Central Bank of Egypt.