ALEXBANK achieves Record-Breaking Financial Results: Net Profit of EGP 5 Bln in 2023
ALEXBANK published its FY 2023 financial results, confirming its solid performance amid a global, regional and internal complex environment. The bank kept consolidating its strong capital base maintaining a leading position in this regard, where Tier one capital base stood at EGP 18.6 Bln, while Total Capital reached EGP 19.2 Bln, leading to the achievement of a 31.45% CAR, more than double the regulatory requirements.
Total assets ascended to EGP 162 Bln (+21.72% Vs. 2022), as gross customers loans grew by 7.3% Vs. 2022, recording EGP 63.9 Bln, supported by the strong advancement in customers deposits to EGP 133.3 Bln (+20.45% Vs. FY 2022).
ALEXBANK effectively contributed to the Egyptian economy through the continuous growth of its assets and liabilities base and the formation of EGP 2.44 Bln taxation during FY 2023 (effective tax rate of 32.93 %).
The bank’s asset quality remains sound, with a gross NPL rate of 6.52% (+0.43% Vs. 2022), while Net NPL ratio declined to 1.12% (-1.34% Vs. 2022), with net loan provisions amounting to EGP 1.97 Bln (+EGP 1 Bln Vs. 2022), reflecting the bank’s diligent and prudent assets classification approach.
Operating Income notably increased to EGP 13.3 Bln (+63.8% Vs. 2022), supported by growth in both Net Interest Income (+65.6%) and Commissions (+48.9%), while operating costs stood at EGP 3.9 Bln (+21.8% Vs. FY 2022).
These dynamics led to recording EGP 7.4 Bln Profit before income tax (+79.39% Vs. FY 2022), while Net Profit slightly exceeded EGP 5 Bln (+75.7% Vs. FY 2022).
