Alex Bank’s loans to deposit ratio increased to 48.1% by March 2024end

The separate financial statements of Alex Bank, ending on March 31 of the current year, revealed an increase in loans to deposits ratio, to reach 48.08% by the end of March 2024, compared to 47.95% by the end of December 2023.

The bank has achieved remarkable growth in its main indicators, as net profits increased by 78.12%, an increase of EGP 921mn during the first 3 months of the current year, to record EGP 2.100 bn during the first quarter of 2024, compared to EGP 1.18 bn during Q1-2023.

The bank was able to increase its deposit portfolio by EGP 10 bn, achieving a growth rate of 7.5% during the first quarter of this year, to record EGP 143.33 bn by the end of March 2024, compared to EGP 133.34 bn by the end of December 2023.

The bank was able to raise granting of credit to customers by EGP4.98bn, as the Total portfolio of customer loans surged by 7.78% during the first quarter of the current year, to record EGP68.91bn by the end of March 2024, compared to EGP 63.93 Bn by the end of December 2023.

At the level of financial position, Alex Bank achieved a growth rate of 8.26% during the first quarter of this year, as total assets recorded around EGP175.34bn by the end of March 2024, compared to EGP161.96 bn by the end of December 2023, achieving an increase of EGP13.38bn.