Al Baraka Bank tops listed banks in focusing on savings certificates by the end of 2024

Al Baraka Bank was at the top of the "First Bank" list of banks listed on the Egyptian Stock Exchange (EGX) most focused on savings and deposit certificates by the end of 2024, accounting for about 34.76% of its total portfolio of customer deposits by the end of the same year. 

The bank's savings and deposit certificates portfolio rose to 37.05 billion pounds by the end of 2024, compared to 29.009 billion pounds by the end of 2023, with a growth rate of 27.72%, and a total increase of 8.04 billion pounds. 

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.

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.

The total Musharaka, Modaraba and transactions of the Bank's 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. 

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