ALEXBANK achieves a net profit of EGP 8.18 billion during the first nine months of 2024, marking a 104% increase compared to the same period last year, with total assets amounting to EGP 198.44 billion by the end of September
The Results for the First Nine Months of 2024 Highlight that ALEXBANK able to generate solid sustainable profitability with Profit before income tax EGP 10.9 Bln and Net Profit EGP 8.18 Bln.
Key Highlights
• Net Profit: EGP 8.18 Bln (+104.18%Vs. Q3-2023)
• Profit before taxes: EGP 10.9 Bln (+88.69% Vs. Q3-2023)
• Net income: EGP 15.5 Bln (+64.07% Vs. Q3-2023)
• Total Assets: EGP 198.44 Bln (+22.52% Vs. Dec-23)
• Customers Deposits: 155.14Bln (+16.35%Vs. Dec-23)
• Gross Customers Loans: EGP 70.7 Bln (+10.6% Vs. Dec-23)
• Capital Adequacy Ratio: 32.37% (+0.92% Vs. Dec-23)
ALEXBANK published its Q3-2024 financial results, showing a very solid performance.
With solid capital Position Alex bank maintains one of the best capital adequacy ratio in the banking Sector, where Tier one capital base reached EGP 23.8 Bln, while Total Capital reached EGP 24.6 Bln, recording a CAR of 32.37 %.
Total assets ascended to EGP 198.44 Bln (+22.52 % Vs. Dec-23), with gross loans growing by 10.6% Vs. Dec-23, to record EGP 70.7 Bln. The growth in the loan portfolio was also led by the advancements in customers deposits that reached EGP 155.14 Bln (+16.35 % Vs. 2023).
ALEXBANK effectively contributed to the Egyptian economy through the continuous growth of its assets and liabilities base and with taxation paid of EGP 2.7 Bln during Q3-2024.
The bank’s asset quality remains sound, with Net NPL ratio improving to 0.81 % ( -0.31 % vs Dec-23). Maintaining the bank’s usual diligent and prudent approach in assets classification.
ALEXBANK sustainable growth was driven by its strong customers’ deposits base, with total deposits moving upward to EGP 155.14 (+16.35% Vs. Dec-23), keeping the customer Net Loan-to-Deposit ratio almost stable at 42.6% vs. 43.8 % in Dec-23.
Net Income From interest and Fees notably increased to EGP 15.5 Bln (+64.07 % Vs. Q3-2023), supported by growth in both Net Interest Income (+63.67%) and Commissions (+67.71%), while operating costs stood at EGP 3.67 Bln (+29.81% Vs. Q3-2023).
These dynamics led to recording EGP 10.9 Bln Profit before tax (+ 88.69% vs. Q3-2023), and Net Profit surging to EGP 8.18 Bln (+104.18 % Vs. Q3-2023).
