Alex Bank achieves strong performance in its financial Efficiency indicators during 2023
First Bank
Alex Bank managed to achieve exceptional performance in its financial efficiency indicators during 2023, The following analysis reviews the bank's progress in financial efficiency indicators from January to December 2023.
The financial statements of Alex Bank, ending on December 31, 2023, revealed that the bank achieved a return on average equity (ROE) of 28.84% during 2023, compared to 19.87% in 2022.
The return on average assets of the bank was 3.39% during 2023, compared to 2.30% during 2022.
The main reason for the increase in ROE and ROA is the bank's net profits to record EGP 5.01bn during 2023, compared to EGP 2.85 Bn during 2022, with a growth rate of 75.71%.
In terms of earnings per share, the bank recorded a growth rate of 78% during the period from January to December 2023, the bank's share of net profits reaching EGP 1.78 per share during 2023, compared to EGP 1.00 during 2022.
It is worth mentioning that the bank achieved a growth of 32.26% in its Equity portfolio during 2023, as it increased from EGP 14.34 bn at the end of December 2022 to EGP 17.36 bn at the end of December 2023.
The bank's asset portfolio also increased by 21.72% during the last year, reaching EGP 161.96 bn at the end of December 2023, compared to EGP133.06bn at the end of December 2022.
