The Bank of Alexandria (AlexBank) announced that it recorded a net profit of EGP 2.783bn in 2017, marking an 83.8% from their 2016 results, while the bank’s net profit before taxes registered at EGP 3.665bn, with a 96.1% growth.
According to the press statement issued by the bank, the witnessed improvement reflects a notable performance enhancement in all business segments, especially after the bank achieved significant assets growth in microfinance and small and medium enterprises, in addition to expanding its customer deposit base.
Furthermore, the bank’s net operating margin (NOM) increased by 44.1% in the same period to reach EGP 5.424bn, with net interest income increasing by 46% to reach EGP 4.862bn, and net fees and commission income growing to EGP 563m, increasing by 29.1%.
Meanwhile, the bank’s total performing loans grew by 7.8% to reach EGP 33.4bn, of which medium enterprises grew by 17.6% from the year prior, small business by 137.5%, and microfinance by 59%.
On the other hand, total bank assets recorded EGP 77.7bn, marking a 23.7% increase, while customers’ deposits reached EGP 63.5bn growing by 23.1%.