Alex Bank grows by 31.3% on FirstBank composite growth index during 2023

The financial statements of Alex Bank, which ended on December 31st of last year, revealed that the bank achieved a composite growth rate of 31.28% during 2023.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during 2023.

Alex 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 75.70%, an increase of EGP 2.157 bn, reaching EGP 5.006 bn during 2023, compared to EGP2.849bn during 2022.

The size of Asset portfolio was the second contributor to the growth of Alex Bank was the third contributor to this growth, with a rate of 21.72%, an increase of approximately EGP 28.91 bn during the last year, reaching EGP 162 bn by the end of December 2023, compared to EGP 133.1 bn by the end of December 2022.

The size of the customer deposit portfolio, was the third contributor to this growth, with a rate of 20.45%, during the last year, reaching EGP 133.3 bn by the end of December 2023, compared to EGP 110.7 bn by the end of December 2022, an increase of EGP 22.64 bn.

In addition, Total customer loans and credit facilities at the bank surged by 17.25%, and an increase of approximately EGP 4.32bn during 2023, reaching EGP 63.9 bn by the end of December 2023, compared to EGP 59.6 bn by the end of December 2022.