Egypt’s AlexBank says 2020 pre-tax profits hit EGP 3.2 billion

Egypt’s AlexBank announced on Tuesday that it made profits before tax worth up to 3.178 billion Egyptian pounds ($202.1 million) during 2020 versus 4.443 billion pounds a year earlier.

The bank, which is controlled by Italy’s Intesa Sanpaolo, recorded net profit of 2.485 billion at the end of 2020 from 3.339 billion pounds at the end of 2019.

Customers’ deposits had totalled 85.010 billion in 2020, compared with 87.451 billion pounds a year earlier.

Total loans and facilities disbursed to clients stood at around 47.964 billion pounds from 41.801 billion in 2019.

Total assets reached 102.238 billion pounds in 2020, down from 104.177 billion pounds in 2019.