Alex Bank achieves strong performance in its financial Efficiency indicators At 9M-2023
First Bank
Alex Bank managed to achieve exceptional performance in its financial efficiency indicators during the first 9M -2023, The following analysis reviews the bank's progress in financial efficiency indicators from January to September 2023.
The financial statements of Alex Bank, ending on September 30, 2023, revealed that the bank achieved a return on average equity (ROE) of 23.92% during the first 9M- 2023, compared to 14.79% during the same period in 2022.
In addition, return on average assets (ROA) of the bank rose to 2.81% during the first 9 months of 2023, compared to 1.72% during the first 9 months of 2022.
The main reason for the increase in ROE and ROA is the bank's net profits recorded EGP 4.004 bn during the first 9M- 2023, compared to EGP 2.069 bn during the same period in 2022, with a growth rate of 94%.
In terms of earnings per share, the bank recorded a growth rate of 93.2% during the period from January to September 2023, with the bank's share of net profits reaching about EGP 1.43 per share during the first 9 months of 2023, compared to EGP 0.74 during the same period in 2022.
It is worth mentioning that the bank achieved a growth of 24% in its Equity portfolio during the first 9M-2023, as it increased from EGP 14.9 bn at the end of December 2022 to reach EGP 18.5 bn at the end of September 2023.
The bank's asset portfolio also increased by 14.1% an increase of EGP 18.8 bn during the first 9M of last year, reaching EGP 151.8 bn at the end of September 2023, compared to EGP 133.1 bn at the end of December 2022.
