Alex Bank grows by 25.4% on FirstBank composite growth index during Q1-2024

The financial statements of Alex Bank, announced at the end of the financial period ended March 31, revealed that the Bank was able to achieve a composite growth rate of 25.4% during the period from January to March 2024.

This rate was measured by a composite index developed by 'First Bank' to measure the financial performance of banks by one digit, across all branches of activity that include net profits, deposit portfolio, loan portfolio and asset portfolio, during Q1 of the current year.

The Bank was able to achieve positive results in its four sub-indicators consisting of First Bank index, led by its net profits, which accounted for the largest percentage in the growth of the Bank's activity at 78.1% with an increase of about EGP 921 mn, to record EGP 2.1 bn during Q1 of 2024, compared to 1.2 bn during Q1 of 2023.

The bank's total asset portfolio was the second contributor to this growth, having risen by 8.3% and an increase of EGP 13.4 bn during Q1 of this year, registering EGP 175.3 bn by the end of March 2024, compared to 162 bn by the end of December 2023.

The Bank's total customer loans portfolio contributed to this growth to gain third place with a growth rate of 7.8% and an increase of EGP 5 bn during Q1 of this year, registering about EGP 68.9 bn by the end of March 2024, compared to 63.9 bn by the end of December 2023.

Total customer deposits and surged by 7.5% and an increase of EGP 10 bn during Q1 of this year, to record EGP 143.3 bn by the end of March 2024, compared to 133.3 bn by the end of December 2023.