ALEXBANK Announces 2024 Financial Results: Profits Exceed EGP 10 Billion with 104% Increase And Strong Asset Growth
ALEXBANK published its financial results for the financial year 2024, confirming the strength of its performance.
Despite the economic challenges and difficulties facing the country, ALEXBANK remains one of the strongest in terms of capital adequacy ratio, with Tier 1 of the capital base of EGP 18.96 billion, and the total capital base of EGP 19.75 billion, which led to achieving a 26.27% capital adequacy ratio, exceeding the mandatory ratio set by the Central Bank of Egypt
This has ascended Total Assets to 214.57 billion pounds (+32.48% vs 2023), where Gross Loans & Customer Facilities increased by 14.36% vs December 2023 reached 73.11 billion EGP. That growth was supported by the increase in Total Deposits That reached 168.03 billion (+26.02% vs December 2023)
ALEXBANK has contributed effectively to the Egyptian economy through the growth of its assets and liabilities, also Total formation of taxes amounted EGP 3.7 billion during Financial Year 2024
On the other hand, asset quality remained high, as the ratio of net non-performing loans ratio decreased to reach 3.43% (-3.09% vs December 2023), and the Charges of impairment from credit losses reached EGP 1.349 billion (decreased by EGP 618 million vs Decembern2023) as a result of the Bank’s Conservative approach in evaluating its loan portfolio and in ECL policies
ALEXBANK’s continued growth was achieved by building a strong base of retail customers as a result of an increase in its deposit portfolio representing EGP 168.03 billion (+26.02% vs. December 2023) and net loans against deposits ratio (40.59% vs 43.80% in December 2023)
Total Net interest income, fees and commissions increased significantly to 21.51. billion pounds (+62.30% vs December 2023), supported by growth in Net interest income 19.39 billion (+61.48%) and net income from fees and commissions 2.11 (+70.29%), while administrative expenses amounted to EGP 5.04 billion (30.16% vs December 2023)
Accordingly, the bank achieved a profit before income tax of EGP 13.94 billion (+88.36% vs December 2023), and a net profit of EGP 10.23 billion (+104.35% vs December 2023)
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