BANK NXT, NBK and Banque du Caire are the fastest growing banks in mortgage loans during 2024

Al Baraka Bank Egypt has witnessed a remarkable development in its financial performance in recent years, especially in its individual deposits sector, as it achieved record growth over the past year, thus reflecting the success of the bank’s strategies in enhancing its savings attractiveness.

The bank was able to record a boom in its portfolio of retail deposits during the past year after it rose at a growth rate of 50.43%, recording the fastest annual growth rate in the last 8 years, and achieving the largest increase ever at a value of 21.01 billion pounds during 2024.

The size of the bank’s retail deposit portfolio recorded about 62.69 billion pounds at the end of 2024, compared to 41.67 billion pounds at the end of 2023.

In terms of the increase in the size of the portfolio during the period from 2016 to 2024, it has increased by about 4 times during the last 8 years, after moving from 14.35 billion pounds by the end of 2016, to reach 62.69 billion pounds by the end of 2024, and recording growth at a growth rate of 337% and an increase of 48.34 billion pounds.

Tracking the portfolio’s growth journey over the period under analysis, we find that Al Baraka Bank achieved the second highest annual growth rate in the volume of its retail deposits during the year 2018, at a rate of 35.15%, after the total portfolio moved from 17.45 billion pounds at the end of 2017, to reach 23.58 billion by the end of 2018, with a value of Increase of 6.13 billion pounds.

While the portfolio size increased with growth rates of 12.41%, 5.79%, 7.49%, 5.84%, 30.63% and 21.60% during the following years 2023, 2022, 2021, 2020, 2019 and 2017, respectively.

In general, Al Baraka Bank Egypt was able to achieve distinguished business results in its main financial indicators during the past year, as the bank’s net profits increased at a growth rate of 35.43% and an increase of 788 million pounds, reaching 3.01 billion pounds during the year 2024, compared to 2.22 billion during the year 2023.

The bank’s total customer financing increased at a growth rate of 38.59% over the past year, after the portfolio size jumped to 60.60 billion pounds by the end of 2024, compared to 43.73 billion by the end of 2023, an increase of 16.88 billion pounds.

Customer deposit portfolio also increased at a growth rate of 25.37% and an increase of 21.565 billion pounds over the past year, recording 106.572 billion pounds by the end of 2024, compared to 85.007 billion by the end of 2023.