Alex Bank grows by 31% on First Bank composite growth index during 9M- 2023

The financial statements of Alex Bank , ending on September 30th of the current year, revealed that the bank achieved a composite growth rate of 31% during the first 9M- 2023.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, all during the period from January to September 2023.

The bank achieved positive results in all 4 sub-indicators that make up First Bank index, with net bank profits leading the way, showing the highest growth rate at 93.6%, reaching about EGP 4 bn during the first 9 months of 2023, compared to EGP 2.07 bn in the same period in 2022, an increase of EGP 1.94 bn.

Furthermore, Bank's Total Asset was the second contributor to the growth of Alex Bank, with a growth rate of 14.1% and an increase of approximately EGP 18.77 bn during the first 9 months of the current year, to record EGP 151.83 bn by the end of September 2023, compared to EGP 133.06 bn at the end of December 2022.

Total customer deposits portfolio at the bank were the third contributor to this growth, increasing by a growth rate of 11.5% during the first 9M of the current year, reaching EGP 123.42 bn by the end of September 2023, compared to EGP 110.70 bn at the end of December 2022, an increase of EGP 12.72 bn

Total loan portfolio and credit facilities at the bank increased by 3.2% during the first 9M of the current year, reaching EGP 61.53 bn by the end of September 2023, compared to EGP 59.61 bn at the end of December 2022, with an increase of EGP 1.91 bn.