QNB AL AHLI grows by 33.13% on First Bank composite growth index during 2023

The Separate financial statements of QNB AL AHLI, which ended on December 31st of the previous year, revealed that the bank achieved a composite growth rate of 33.13% in 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 December 2023.

QNB AL AHLI 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 55.76%, recording EGP 15.8 bn during 2023, compared to EGP 10.1 bn in the same period in 2022, an increase of EGP5.6bn.

Total customer deposits at the bank were the second contributor to this growth, it grew with a growth rate of 30.23% by 2023End, reaching EGP 530.1 bn by the end of December 2023, compared to EGP 407.1bn at the end of December 2022, an increase of EGP 123.1bn.

The size of Asset portfolio was the third contributor to the growth of QNB AL Ahli, with a growth rate of 30.15% and an increase of approximately EGP 143.7 bn during 2023, to record EGP 620.5 bn by the end of December 2023, compared to EGP 476.8 bn at the end of December 2022.

Total loan portfolio and credit facilities at the bank increased by 16.38% during the last year, reaching EGP 268.6 bn by the end of December 2023, compared to EGP 230.8 bn at the end of December 2022, with an increase of EGP 37.8 bn.