ALEXBANK’s Net Profits grow by 78.2%, recording EGP 2.1 bn during Q1-2024
First Bank
ALEXBANK published its Interim Q1 2024 financial results, confirming a solid performance as the bank recorded a net profit of EGP 2.1 bn during the first 3M (+78.18% Vs. Q1 2023).
Operating Income notably increased to EGP 4.5 bn (+61.74 % Vs Q1 2023), supported by the growth in both Net Interest Income (+66.39%) and Commissions (+22.71%), while operating costs stood at EGP 1 Bn (+18.08% Vs. Q1 2023).
Total assets ascended to EGP 175.3 bn (+8.26 % Vs. 2023), as gross customers loans grew by 7.78% Vs. 2023, recording EGP 68.9 Bn. The growth in the loan portfolio was also matched by the advancements in customers deposits that reached EGP 143.3 bn (+7.50% Vs. 2023).
The bank kept consolidating its strong capital base maintaining a leading position in this regard, where Tier one capital base stood at EGP 18.9 bn, while Total Capital reached EGP 19.6 bn, recording a CAR of 25.40%, well in excess of the minimum regulatory requirements.
The bank’s asset quality remains sound, with a Net NPL ratio improving to 0.97% (-0.15% Vs. 2023). Net loan provisions amounted to EGP 140 mn (EGP 100 mn decrease Vs. 2023), maintaining the bank’s usual diligent and prudent assets classification approach.
