AlexBank first-half net profit grows 6.3%

Egypt’s AlexBank, part of Italian bank Intesa Sanpaolo, said on Thursday that its first-half net profits rose 6.3 percent year-on-year.

Net profit for the six months ended June rose to 1.67 billion Egyptian pounds ($100.5 million) from 1.57 billion pounds a year earlier, according to a copy of the bank’s financial data reviewed by Amwal Al Ghad.

Customers’ deposits surged to 83.4 billion pounds at the end of June versus 78.78 billion pounds a year earlier.

Loans and credit facilities stood at 38 billion pounds at the end of June from 38.2 billion pounds at the end of 2018.

Investments in government debt instruments fell to 17 billion pounds at the end of June 2019 from 19 billion pounds at the end of 2018.

Net profit for the second quarter recorded 746.5 billion pounds compared to 766.8 billion pounds a year earlier.