EARNINGS WATCH-

The state’s 20% stake in Alexbank is looking a whole lot more tempting: Alexbank’s net income rose 76% y-o-y to EGP 5 bn in 2023, according to its latest earnings report (pdf). The bank’s total assets also jumped 22% to EGP 161 bn during the year.

ICYMI: The government is working to offload its 20% stake in Alexbank, with majority shareholder Intesa Sanpaolo reportedly in negotiations to add the state’s 20% share to its 80% stake in the company. Former EGX head Ramy El Dokany also suggested last year that shares of the bank could be offered up on the bourse as part of the state’s privatization efforts.

BUDGET WATCH-

Next fiscal year’s draft state budget goes up for discussion next week: Finance Minister Mohamed Maait and Planning Minister Hala El Said will discuss the draft state budget and socioeconomic development plan for FY 2024-25 in the House next Sunday, according to House Budget Committee head Fakhri El Fiki. The state budget and development plan will be voted on before the start of the next fiscal year on 1 July

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