Ahli United Bank grows by 41% on First Bank composite growth index during 9M- 2023

The financial statements of Ahli United Bank-Egypt, ending on September 30th of the current year, revealed that the bank achieved a composite growth rate of 41% 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.

Ahli United Bank managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 98.8%, reaching about EGP 2.77 bn during the first 9 months of 2023, compared to EGP 1.39 bn in the same period in 2022.

Furthermore, Bank's Total Asset was the second contributor to the growth of Alex Bank, with a growth rate of 26% and an increase of approximately EGP 22.3 bn during the first 9 months of the current year, to record EGP 107.75 bn by the end of September 2023, compared to EGP 85.49 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 20.5% during the first 9M of the current year, reaching EGP 84.10 bn by the end of September 2023, compared to EGP 69.80 bn at the end of December 2022, an increase of EGP 14.30 bn

Total loan portfolio and credit facilities at the bank increased by 17% during the first 9M of the current year, reaching EGP 63.64 bn by the end of September 2023, compared to EGP 54.40 bn at the end of December 2022, with an increase of EGP 9.2 bn.