alBaraka's CEO leads the bank to fastest annual growth in net profits in 6 years

Led by Hazem Hegazy, CEO and Vice Chairman of the Board of Directors of the bank, alBaraka Bank achieved a record business results during 2022, to show the extent of fundamental changes and remarkable development witnessed by the bank.

The bank's net profits jumped to 1.76 billion pounds in 2022, compared to 1.13 billion pounds in 2021, an increase of 622.65 million pounds.

The bank achieved in 2021 a decline of  9.25% in its net profits, while the bank achieved growth in 2020 by 18.40%, 5% in 2019, and 38.38% during 2018. As for 2017, a growth rate of 41.53%.

Net interest income jumped by 24.9%, to record 3.43 billion pounds during 2022, compared to 2.75 billion pounds during 2021, an increase of 684.2 million pounds.

Net income from fees and commissions recorded 264.9 million pounds in 2022, compared to 271.5 million pounds in 2021.

Moreover, its profits from its branches in Cairo Governorate, 18 branches, according to the bank’s official website, reached 2.18 billion pounds during 2022, compared to 1.69 billion pounds during 2021, a growth rate of 28.95%, an increase of 489.94 million pounds.

While its profits from its 8 branches in Giza Governorate recorded 424.33 million pounds during 2022, compared to 297.13 million pounds during 2021, a growth rate of 42.81%, and an increase of 127.19 million pounds.

Profits from its 5 branches in Alexandria Governorate recorded 188.69 million pounds during 2022, compared to 158.23 million pounds in 2021, a growth rate of 19.25%, and an increase of 30.46 million pounds.

albaraka's profits from other governorates reached 239.51 million pounds during the past year, compared to 158.23 million pounds during 2021, a growth rate of 51.36%, and an increase of 81.28 million pounds.

However, the bank’s head office paid taxes reached 899.998 million pounds during 2022, making the total net profits 1.76 billion during the past year, but it is not a loss in the whole matter.

This strong performance of alBaraka Bank came as a result of the strategy adopted by Hazem Hegazy, based on focusing on providing diverse banking products to attract more customers .