ALEXBANK achieves a Net Profit of EGP 2.1 Bln in Q1 2024 with an increase of 78.18% Vs. Q1 2023
Key Highlights
* Net Profit: EGP 2.1 Bln (+78.18% Vs. Q1 2023)
* Profit before taxes: EGP 2.8 Bln(+71.43% Vs. Q1 2023)
* Operating Income: EGP 4.5 Bln (+61.74 % Vs. Q1 2023)
* Total Assets: EGP 175.3 Bln (+8.26 % Vs. Dec. 2023)
* Customers Deposits: EGP 143.3 Bln (+7.50% Vs. Dec. 2023)
* Gross Customers Loans: EGP 68.9 Bln (+7.78% Vs. Dec. 2023)
* Capital Adequacy Ratio: 25.40%
Cairo 15 May 2024:
ALEXBANK published its Interim Q1 2024 financial results, confirming a solid performance.
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 Bln, while Total Capital reached EGP 19.6 Bln, recording a CAR of 25.40%, well in excess of the minimum regulatory requirements.
Total assets ascended to EGP 175.3 Bln (+8.26 % Vs. 2023), as gross customers loans grew by 7.78% Vs. 2023, recording EGP 68.9 Bln. The growth in the loan portfolio was also matched by the advancements in customers deposits that reached EGP 143.3 Bln (+7.50% Vs. 2023).
ALEXBANK effectively contributed to the Egyptian economy through the continuous growth of its assets and liabilities base and the formation of EGP 709 Mln taxation during Q1 2024.
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 Mln (EGP 100 Mln decrease Vs. 2023), maintaining the bank’s usual diligent and prudent assets classification approach.
Operating Income notably increased to EGP 4.5 Bln (+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 Bln (+18.08% Vs. Q1 2023).
These dynamics led to recording EGP 2.8 Bln Profit before income tax (+71.43% % Vs. Q1 2023), with a Net Profit reaching EGP 2.1 Bln (+78.18% Vs. Q1 2023).
