Egypt: ALEXBANK posts $153 million net profit in H1 2026

ALEXBANK recorded a net profit of $153 million in the first half of 2026, according to Financial Afrik. The source does not specify the change compared to H1 2025, nor the breakdown between interest income, fees, and provisions for bad debts. Founded in 1957, ALEXBANK (Bank of Alexandria) is one of Egypt's oldest commercial banks. The Italian banking group Intesa Sanpaolo has held approximately 80% of it since a privatization in 2006, with the remaining balance held by the Egyptian state. The bank has a network of over 180 branches across the country. This result reinforces the contribution of Intesa Sanpaolo's African and Middle Eastern activities to its consolidated accounts. For the Egyptian banking market, it confirms the ability of major institutions to generate high profits despite a strained macroeconomic environment. This performance is largely explained by an external factor: the Central Bank of Egypt has maintained a key interest rate close to 25% since the pound's float in March 2024, which mechanically boosts the net interest margins of local banks, including ALEXBANK, while the relative stabilization of the Egyptian currency reduces foreign exchange losses that weighed on the sector in 2023 and 2024.