Ahli united Bank achieves strong performance in its financial Efficiency indicators during Q1- 2024
First Bank
Ahli united Bank Egypt was able to achieve strong performance in terms of its financial efficiency indicators during the first quarter of the current year, the following analysis reviews the Bank's development in financial efficiency indicators from January to March 2024:
Ahli united Bank's financial statements, which ended on March 31 2024, revealed that the bank achieved return on average equity (ROE) of 19.58% in the first quarter of 2024, compared to 14.24% during the same period of 2023.
The return on average assets (ROA) rose to 2.33% in the first quarter of 2024, compared to 1.71% during the first quarter of 2023.
The main reason for the rise in ROE and ROA of the Bank was able to achieve net profits of EGP 2.80bn during the first quarter of 2024, compared to EGP1.58n during the same period in 2023, with a growth rate of 77.52%.
In terms of earnings per share, it increased with a growth rate of 77.33% during the period from January to March of the current year, with Ahli united Bank's share of net profits reaching around EGP 3.99 per share in the first quarter of 2024, compared to EGP 2.55 during the same period from 2023.
It is worth mentioning that the Bank achieved a growth in its equity portfolio of 15.90% in the first quarter of this year, registering EGP 15.33 bn by the end of March 2024, compared to EGP13.23 bn by the end of December 2023, an increase of EGP2.10bn.
The volume of the Bank's asset portfolio also increased at a growth rate of 12.40% during the first 3 months of the current year, recording EGP 127.25bn by the end of March 2024, compared to EGP113.21bn by the end of December 2023, with an increase of EGP 14.04 bn.
