Alex Bank’s growth accelerates to 26.6% during Q3-2023

Alex Bank achieved an acceleration in growth during the third quarter of 2023 compared to the second quarter of the same year, recording a composite growth rate of 26.3% during Q3- 2023, compared to a composite growth rate of 20.82% during Q2 of the current year.

This came according to the composite growth index that First Bank developed to measure the financial performance of banks with one number, which shows the compound growth of the bank in 4 indicators, namely net profit, assets, total customer loans, and deposits.

The bank managed to achieve positive results in 4 sub-indicators comprising the composite First Bank index during the Third quarter of the current year, especially in net profits, registering a growth rate of 96.4% in its net profits during the Third quarter of 2023.

Total asset portfolio contributed to this growth, with a rate of 3.84% during the third quarter of the current year, while the total loans and deposits portfolios increased by growth rates of 2.81% and 3.41% respectively during the period from July to September 2023.

As for the Q2 -2023, net profits were also the most impactful factor in the growth of the composite First Bank index, as the bank achieved a growth rate of 72.4% in its net profits during the period from April to June 2023.

The bank's Assets and deposits portfolios increased by growth rates of 6.29% and 5.86% respectively during the Second quarter of 2023, while Total customer deposits decreased by 1.04%, during the same period.

It is worth noting that all values used in calculating the growth rates mentioned in the analysis are based on the financial statements announced at the end of the periods, available on the bank's official website.