QNB Al Ahli achieves 32.2% on FirstBank Composite Growth Index At 9M-2023
First Bank
QNB Al Ahli's separate financial statements for the period ending June 30, 2023, revealed this growth, measured through a composite index established by FirstBank to assess banks' financial performance across various activities including net profits, deposit portfolio, loan portfolio, and asset portfolio from January to September 2023.
The bank demonstrated positive results in all four sub-indices of the FirstBank index. Net profits saw the highest growth, reaching EGP11.92 bn during the first 9 months of 2023, compared to EGP6.95 bn during the same period in 2022, marking an increase of EGP4.96 bn.
The bank's assets constituted the second-largest contributor to this growth, rising by 22.5% to reach EGP584 bn by the end of September 2023, compared to EGP476.8 bn at the end of December 2022, an increase of EGP 107.2 bn.
Deposit portfolio contributed as the third-largest factor in QNB Alahli's growth, increasing by 22.4% with an addition of about EGP 91.3 bn during the first 9 months of the current year, totaling EGP498.3 bn by the end of September 2023, compared to EGP 407.1 bn at the end of December 2022.
Total customer loans and facilities portfolio at the bank increased by 12.6% in the first half of the current year, reaching EGP259.8 bn by the end of September 2023, compared to EGP230.8 bn at the end of December 2022, reflecting an increase of EGP29 bn.
