In AlexBank, 20 Key Employees’ Monthly Salaries Hit EGP2.5 million

Despite a 3.9% fall in first quarter net profits and being a 20% owned by Egyptian government, Bank of Alexandria has remarkably increased the monthly salaries of its employees.

During the first quarter, the monthly salaries of Bank of Alexandria – Intesa Sanpaolo soared by EGP 454.000 to EGP 196.7 million in first quarter of 2014.

For the biggest 20 employees in the bank, they tend to receive an average monthly salary amounting to EGP 2.5 million. In addition, the salaries of the foreign employees working in the bank also hiked to EGP 6.5 million.

Bank of Alexandria reported a surge in its total administrative expenses to approach EGP 321.6 million in Q1, compared to EGP 300.3 million for the same period a year earlier.

In Q1/13, the bank registered a 3.9% decline in its net profit which reached EGP 174.698 million, compared to EGP 181.843 million during the same period a year earlier.

The bank’s Q1 portfolio of loans and customers’ facilities also shrank by EGP 28.352 million to hit EGP 19.573 million, opposed to EGP 19.601 million.

Intesa Sanpaolo Group holds major shareholder in the Bank of Alexandria amounting to 70.25% of the bank shares. The International Finance Corporation (IFC) has 9.75% of the bank’s share; whereas the Egyptian Government holds 20%.