Bank of Alexandria profits increase to LE 2.8B

CAIRO – 6 March 2018: Bank of Alexandria (ALEXBANK) recorded an increase of 83.8 percent in its profits during 2017 on a year on year basis (YOY) to achieve LE 2.78 billion ($157.50 million), a Tuesday statement showed.

The bank clarified that the net operating margin rose 44.1 percent YOY, recording LE 5.4 billion, reflecting a solid growth of “core banking income”.

The company commented on its results saying that this improvement reflects a notable enhancement in the performance in all business segments, from Micro-Finance, through Retail, Small & Medium Enterprises (SMEs), till Corporate & Investment Banking, achieving a significant assets growth particularly in Microfinance and SMEs, while significantly expanding its customer deposit base.

Net interest income went up 46 percent to LE 4.8 billion, and net fees and commission income grew to LE 563 million, with a 29.1 percent on a year on year basis.

The bank statement pointed out that total performing loans rose 7.8 percent to stand at LE 33.4 billion, where Medium Enterprises grew 17.6 percent YOY, Small Business by 137.5 Percent and Micro-Finance by 59 percent.

Loans/Deposits ratio decreased to 50.6 percent, compared to 58.1 percent at the end of 2016, according to the bank statement.