alBaraka Bank grows by 27.4% on First Bank’s composite growth index At 2022
alBaraka bank Egypt recorded a composite growth rate of 27.4% in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio at the end of Dec of 2022, according to its latest separated financial results
This rate was measured through a composite growth index developed by First Bank to identify the financial performance of banks with a single figure during 2022
alBaraka bank was able to achieve positive results in all four sub-indicators net profit which formulated First Bank composite growth index, led by net profit that recorded a growth rate of 55% at last year to record EGP 1.755 bn at 2022, compared to EGP 1.132 bn at 2021
In addition, the Total bank's loans and facilities to customers jumped by 46.15% to record EGP 35.380 bn at the end of December 2022, compared to EGP 24.208 bn at the end of December 2021 with an increase of EGP 11.172 bn
However, assets portfolio jumped by 5.90% to stand at EGP 87.225 bn at the end of Dec 2022, compared to EGP 82.368 bn by the end of Dec 2021 with an increase of EGP4.857bn.
Furthermore, total deposits portfolio recorded a growth rate of 2.55% posted EGP74.420 bn by the end of December 2022 in comparison to EGP 72.569 bn by the end of 2021 with growth amounting to EGP 1.851 bn
