Al Baraka tops listed banks in focusing on syndicated finances by 2024-End

Al Baraka Bank was at the top of the "First Bank" list of listed banks in focusing on syndicated finances by the end of 2024. Direct financing for companies accounted for 67.16% of the total portfolio of gifts, speculation and customer engagements by the end of the same year.

The Bank's syndicated financing jumped to 40.698 billion pounds by the end of 2024, compared to 31.619 billion pounds by the end of 2023, with a growth rate of 28.72%, and a total increase of 9.08 billion pounds.

The Bank's Musharaka, Mudaraba and Murabaha transactions with customers rose by 38.59%, to 60.602 billion pounds by the end of 2024, compared to 43.727 billion pounds by the end of 2023.

Overall, Al Baraka Bank performed well over the past year, rising its net profit to 3 billion pounds in 2024, compared to 2.2 billion pounds in 2023, a growth of 35.42%, and an increase of 787.813 million pounds.

The bank's pre-tax profits rose by 26.32% and an increase of 895.078 million pounds, recording 4.295 billion pounds 2024, compared to 3.400 billion pounds in 2023.

At the bank's financial position, the asset portfolio rose by 27.22% and an increase of 27.341 billion pounds over the past year, registering 127.788 billion pounds by the end of 2024, compared to 100.447 billion pounds by the end of 2023.

Customers' deposit portfolio climbed to 106.6 billion pounds by the end of 2024, compared to 85 billion pounds by the end of 2023, with a growth rate of 25.37% and an increase of 21.6 billion pounds.