alBaraka Bank's growth accelerates by 100% during Q4-22

alBaraka Bank’s growth accelerates during the forth quarter of 2022 recording a compound growth rate of 100%, compared to a compound growth rate of 1.52 % during Q3-2022.

alBaraka Bank recorded a composite growth rate of in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio during Q4-2022.

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure during Q4-2022.

alBaraka Bank was able to achieve positive results in all four sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio) which formulated First Bank composite growth index, led by net profit that has seen a record growth rate of 395.62% during Q4-2022.

It also achieved growth in total assets portfolio and customer loans at growth rates of 2.67% and 13.30% during Q4-2022, while deposit portfolio increased at a growth rate of 2.51% during the same period last year.

As for Q3 of last year, the bank’s total loans increased by a growth rate of 8.59% during the Q3-2022.

Total portfolio of assets and deposits increased by 2.65% and 0.64%, respectively, during Q3-2022 only, while the bank’s net profit declined by 5.80% during the same period last year.