AlexBank grows 6.16% on First Bank’s composite growth index during 9M-22

AlexBank recorded a composite growth rate of 6.16% in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio during the first 9 months of 2022.

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure during 9M-22.

AlexBank was able to achieve positive results in all four sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio) which formulated First Bank composite growth index, led by total assets that recorded a growth rate of 9.44%

The assets portfolio of Bank of Alexandria jumped to EGP 125.745 billion pounds by Q3-22, compared to EGP114.899 billion by the end of 2021 with an increase of EGP10.846 billion.

However, the deposit portfolio is considered the second contributor to this growth. It jumped by 8.21% standing at EGP103.5 billion at Q3-22, compared to EGP 95.7 billion at the end of 2021 with an increase of 7.85 billion pounds.

In addition, the bank's loans portfolio also jumped by 6.08% to record EGP 57.49 billion at the end of at Q3-22, compared to EGP 54.200 billion at the end of 2021 with an increase of EGP 3.29 billion.

Moreover,  net profit increased by 0.93% to record EGP 2.068 billion during the first 9 months of 2022, compared to  EGP2.049 billion during a year-ago period with an increase of 19 million pounds.