What are the most profitable geographic sectors for Alex Bank?

Alex Bank achieved a record growth in its net profits during the current year, as its net profits jumped by about 93.56%, to record EGP4 bn during the first 9 months of 2023, compared to EGP2.07 bn during the same period of 2022, an increase of EGP1.94 bn, from its branches and various banking units, totaling 182 branches.

The branches of Alex Bank located in the Greater Cairo sectors had the greatest impact in achieving this big leap, as the bank’s net profits from them amounted to EGP4.09 bn during the first 9 months of 2023, compared to EGP2.32 bn during the same period of 2022, a growth rate of 76.43%, and an increase of EGP1.77 bn.

The bank’s net profits from its branches in the Greater Cairo sectors accounted for about 102.27% of Alex Bank’s net profits during the first 9 months of the current year

Meanwhile, the bank incurred net losses from its branches located in the Alexandria, Sinai and Delta sectors, amounting to EGP23.15 mn during the first 9 months of 2023, and despite that, it succeeded in reducing its losses from them, as its losses had recorded EGP 165.04 mn during the same period of 2022

It also incurred losses from its branches located in the Upper Egypt sectors, which recorded EGP 67.60 mn during the first 9 months of 2023, compared to net losses of EGP 87.26 mn during the same period of 2022

In general, Alex Bank achieved a good performance during the first 9 months of the current year, as the total portfolio of the bank’s assets increased by a growth rate of 14.11% and an increase of EGP18.8 bn during the first 9 months of the current year, to record EGP151.8 bn at the end of September 2023, compared to EGP133.1 bn at the end of December 2022

The bank’s customer deposits portfolio jumped by a growth rate of 11.49% during the first 9 months of the current year, to record EGP123.4 bn at the end of September 2023, compared to EGP110.7 bn at the end of December 2022, an increase of EGP 12.7 bn.

Total loans and facilities to customers rose by a growth rate of 3.22% and an increase of about EGP1.9 bn during the first 9 months of the current year, until it reached EGP 61.5 bn at the end of September 2023, compared to 59.6 bn at the end of December 2022

For more info and news about Alexandria Bank.. Click more