(MENAFN- Daily News Egypt) ALEXBank reported a 9.5% growth in net profit in 2014, registering EGP 724m, despite 5% increase in the enacted tax rate, the bank announced last week.
The bank noted that actual pre-tax profits reached EGP 1.07bn, up 16.3% compared to 2013 results.
The bank's net income increased by 12.5% year-on-year to reach EGP 2.68bn, which the bank said was backed by a growth in core revenues' interest income and commissions.
Meanwhile, the net interest income was raised by 11.2%, reaching EGP 2.27bn. This was boosted by increased lending activity and effective liability management, while net fee and commission income grew by 19.7% due to expandsion.
The bank has also reported that loans to customers have increased by 7.2% (EGP 2.1bn), due to the contribution of retail sector.
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