AlexBank net profit falls 7.7% year-on-year in Q1

Egypt’s AlexBank, part of Italian bank Intesa Sanpaolo, said on Monday that its first-quarter net profit fell 7.7 percent year-on-year.

Net profit for the three months ended in March dropped to 860.8 million Egyptian pounds ($54.7 million) from 932.4 million pounds a year earlier, according to a copy of the bank’s financial statements reviewed by Amwal Al Ghad.

Pre-tax profits also went down by 12 percent to 1.074 billion pounds at the end of March compared with 1.218 billion pounds in the same period in 2019.

Loans and credit facilities have totalled 42.3 billion pounds at the end of March, down from 41.8 billion pounds at the end of December.

Customers’ deposits dipped to 86.159 billion pounds at the end of March compared with 87.451 billion pounds at end of December.