Hazem Hijazi’s strategies make a record leap in Al Baraka Bank's deposits with enhancing its position in the banking sector

Al Baraka Bank has seen a record rise in its financial performance since Hazem Hijazi assumed the position of CEO and Vice Chairman in September 2021, accompanied by an ambitious leadership vision and cutting-edge strategies aimed at achieving inclusive and sustainable growth across all sectors of the Bank.

In this cycle of decision makers we address the role of Hazem Hijazi and the impact of his strategy on the size of the customer deposit portfolio. Under his leadership, the Bank has introduced innovative banking products that have enhanced customer confidence and attracted new segments of depositors

This development reflects the strong performance of the Bank under Hijazi, which successfully increased the total deposits of the Bank's customers by 55.1%, after jumping 37.78 billion pounds, to 106.37 billion pounds by the end of September 2024, compared to 68.59 billion by the end of September 2021.

Al Baraka Bank's strong increase in its total customer deposits was due to a significant growth in the size of its individual deposit portfolio, which jumped by 71% during the period under analysis, to 58.68 billion pounds by the end of September 2024, compared to 34.36 billion by the end of September 2021, bringing an increase of 24.32 billion pounds

This is also attributable to the growth of the Bank's total corporate deposit portfolio by 39.3% and an increase of 13.46 billion pounds during the period under analysis, to register 47.69 billion pounds by the end of September 2024, compared to 34.23 billion by the end of September 2021

In general, Hazem Hijazi's efforts resulted in strong growth rates, as he was able to double the bank's net profits during his executive leadership after jumping at a growth rate of 116% with an increase of 1.19 billion pounds, registering 2.22 billion pounds during the first 9 months of 2024, compared to 1.03 billion during the first 9 months of 2021.

Total bank assets jumped by 61%, bringing an increase of 47.42 billion pounds during the period under analysis, bringing the portfolio size to 125.70 billion pounds by the end of September 2024, compared to 78.28 billion by the end of September 2021.

The Bank's total loans portfolio also jumped by 134.2% and an increase of 31.24 billion pounds, to 54.51 billion pounds by the end of September 2024, compared to 23.27 billion by the end of September 2021.