Hegazy leads Bank alBaraka- Egypt to enhance its role in development financing

Bank alBaraka- Egypt attaches great importance to enhancing its investments and financing into corporates which is considered to be a direct financing into the Egyptian economic development through providing the necessary funds for companies’ investments and working capital.

This was evident in the bank’s financial results for the first 9 months of 2022, under the leadership of Hazem Hegazy, Chief Executive Officer and Vice Chairman of the Board of Directors. Bank alBaraka’s   total customers’ Murabaha and Mudaraba into corporates increased to EGP27.26 billion at 9M-22 compared to EGP 21.78 billion pounds in the corresponding period a year earlier achieving a growth rate of 25.19% and an increase of EGP 5.48 billion.

As a result, the bank was pushed forward to rank second on First Bank’s list for fastest growing listed banks in terms of corporate loans at the first nine months of 2022.

Moreover, the direct finances from the bank into corporates increased by 24.20%, to stand at EGP23.22 billion at the end of the third quarter of 2022, compared to EGP18.69 billion at the end of 2021 with an increase of EGP 4.52 billion.

Corporates finances are witnessing a significant focus from Bank alBaraka- Egypt, as their share are amounting to  87.30% of the bank’s total financing portfolio which recorded EGP 31.23 billion by the end of September 2022.