Egypt’s AlexBank pre-tax net profit hits EGP2.1 billion in 9 months

Egypt’s AlexBank has announced on Sunday that its net profits before taxes reached 2.1 billion Egyptian pounds ($85,4 million) for the first nine months of the year, from 76 million pounds ($3 million) in the same period last year.

The profits before taxes for the first nine months of the year amounted about 3.1 billion pounds, an increase of 3 percent compared to the same period in 2021, according to Bank’s statement.

The statement further added that the bank’s profits during the third quarter recorded 1.2 billion pounds, an increase of 17 percent compared to the third quarter of the fiscal year in 2021.

AlexBank was able to maintain the bank’s capital position on September 30, 2022, which exceeded the minimum regulatory requirements.

While, the continuous basic capital represented in the first tranche of the capital base has reached 11.43 billion pounds, or 20.31 percent of risk-weighted assets.