{"id":618559,"date":"2024-04-16T00:00:00","date_gmt":"2024-04-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/16\/alexbanks-net-income-rises-76-y-o-y-to-egp-5-bn-in-2023-plus-next-fiscal-years-draft-budget-goes-up-for-discussion-in-the-house-next-week\/"},"modified":"2024-04-16T00:00:00","modified_gmt":"2024-04-16T00:00:00","slug":"alexbanks-net-income-rises-76-y-o-y-to-egp-5-bn-in-2023-plus-next-fiscal-years-draft-budget-goes-up-for-discussion-in-the-house-next-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/16\/alexbanks-net-income-rises-76-y-o-y-to-egp-5-bn-in-2023-plus-next-fiscal-years-draft-budget-goes-up-for-discussion-in-the-house-next-week\/","title":{"rendered":"Alexbank\u2019s net income rises 76% y-o-y to EGP 5 bn in 2023. PLUS: Next fiscal year\u2019s draft budget goes up for discussion in the House next week"},"content":{"rendered":"<p class=\"tag-border-left\">EARNINGS WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The state\u2019s 20% stake in Alexbank is looking a whole lot more tempting:&nbsp;<\/strong>Alexbank\u2019s net income rose 76% y-o-y to EGP 5 bn in 2023, according to its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/956.pdf\" style=\"\" rel=\"noopener\">earnings report (pdf)<\/a>. The bank\u2019s total assets also jumped 22% to EGP 161 bn during the year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI:&nbsp;<\/strong>The government is working to offload <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36c5215a-1746-4308-8523-6b35d181f175\" style=\"\" rel=\"noopener\">its 20% stake in Alexbank<\/a>, with majority shareholder Intesa Sanpaolo reportedly in negotiations to add the state\u2019s 20% share to its 80% stake in the company. Former EGX head Ramy El Dokany also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/80374ba2-365a-4fa5-bdc0-7b63eaaca54d\/four-state-owned-companies-ready-to-list,-with-eight-more-to-follow--egx\" style=\"\" rel=\"noopener\">suggested<\/a> last year that shares of the bank could be offered up on the bourse as part of the state\u2019s privatization efforts.<\/p>\n<p class=\"tag-border-left\">BUDGET WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Next fiscal year\u2019s draft state b<\/strong><strong>udget goes up for discussion next week:<\/strong> Finance Minister Mohamed Maait and Planning Minister Hala El Said will discuss the draft state budget and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1bd53619-0a0c-4348-81f9-766539179c3c\/gov%25e2%2580%2599t-unveils-new-economic-and-social-development-targets-for-the-next-fiscal-year\" style=\"\" rel=\"noopener\">socioeconomic development plan<\/a> 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 <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government is currently working to offload its 20% stake in Alexbank<\/p>\n","protected":false},"author":1,"featured_media":618560,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[1139,111,279,409,72,278],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-618559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-alexbank","tag-also-on-our-radar","tag-budget-watch","tag-earnings-watch","tag-enterpriseam","tag-state-budget","wpautop","entry"],"acf":{"mongo_id":"1116b868-eeae-44f9-a0f4-26889948314f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1004.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Alexbank\u2019s net income rises 76% y-o-y to EGP 5 bn in 2023. PLUS: Next fiscal year\u2019s draft budget goes up for discussion in the House next week","related_issue":[618535],"teaser":"The government is currently working to offload its 20% stake in Alexbank","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.9c04c768-0674-4995-ba91-7be1ef983ff9.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Alexbank\u2019s net income rises 76% y-o-y to EGP 5 bn in 2023. PLUS: Next fiscal year\u2019s draft budget goes up for discussion in the House next week - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/16\/alexbanks-net-income-rises-76-y-o-y-to-egp-5-bn-in-2023-plus-next-fiscal-years-draft-budget-goes-up-for-discussion-in-the-house-next-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alexbank\u2019s net income rises 76% y-o-y to EGP 5 bn in 2023. 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