QNB AL AHLI grows by 26.3% on First Bank composite growth index during Q1- 2024

The Separate financial statements of QNB AL AHLI, which ended on March 31st of the current year, revealed that the bank achieved a composite growth rate of 26.3% during the period from January to March 2024.

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 Q1-2024

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 52.78%, recording EGP 6.85 bn during 2023, compared to EGP 4.48 bn in the same period in 2023, an increase of EGP2.37bn.

Total loan portfolio and credit facilities at the bank were the second contributor to this growth, it grew with a growth rate of 18.47%, during Q1-2024 reaching EGP 318.18 bn by the end of March 2024, compared to EGP 34.65bn at the end of December 2022, an increase of EGP 49bn.

Total customer deposits at the bank was the third contributor to the growth of QNB AL Ahli, with a growth rate of 17.33% and an increase of approximately EGP 91.90 bn during Q1 -2024, to record EGP 622 bn by the end of March 2024, compared to EGP 530.12 bn at the end of December 2023.

The size of Asset portfolio increased by 16.38% during the first quarter of the current year, reaching EGP 722.16 bn by the end of December 2023, compared to EGP 620.53 bn at the end of December 2022, with an increase of EGP 101.63 bn.