alBaraka Bank is Back to FirstBank’s fastest growing lists during Hazem Hegazy's era

Led by Hazem Hegazy, Vice Chairman & CEO of Al Baraka Bank Egypt, Faisal bank has already succeeded in achieving a record performance during 2022, tops First Bank lists in measuring and classifying financial performance of banks in the Egyptian market.

alBaraka Bank topped First Bank list of listed banks with loan portfolio finance by  46.15% during the past year, to record EGP35.4 bn by the end of 2022, compared to EGP24.2 bn by the end of 2021.

The bank occupied first place on the list of  fastest growing listed banks in retail banking, with a growth rate of 74.44%, after the bank’s individual loan portfolio jumped to EGP4.3 bn at the end of 2022, compared to EGP2.5 bn at the end of 2021.

alBaraka's personal finance portfolio increased by 98%, to record EGP3.7 bn by the end of 2022, compared to EGP1.9 bn by the end of 2021.

syndicated loans with a growth rate of 66.62%, as its portfolio recorded EGP 5.1 bn at the end of 2022, compared to EGP 3.1 bn at the end of 2021.

Moreover, financial investments portfolio jumped by 54.70%, to record EGP 31.7 bn by the end of 2022, compared to EGP 20.5 bn by the end of 2021.

Corporate loans increased at a growth rate of 42.91%, to record EGP31.1 bn by the end of 2022, compared to EGP 21.7 bn by the end of 2021, In addition, The bank achieved ROE of return 25.83% during 2022.

Net profits increased by 55%, to record EGP1.76 bn in 2022, compared to EGP 1.13 bn in 2021, an increase of EGP622.65 mn.

Loans to Deposits ratio by 47.54%, after recording total loans portfolio of EGP35.38 bn at the end of 2022, compared to total deposits of EGP74.419 bn at the end of the same period.

 Hegazy opened a number of branches during 2022, the most recent of which was the opening of a branch in the Fifth Settlement last December, aims to expand and spread geographically in most governorates by the end of 2025, reaching 50 branches by the end of that period.

Hegazy seeks to contribute strongly to achieving digital transformation by developing technological infrastructure and focusing on online banking services, Most prominent efforts were his accession to instant payments network, InstaPay application of CBE, which allows customers to make transfers instantly and safety, by accounts, cards, or electronic wallets, it is also possible to donate and pay credit card fees through the application.

As for his plans during 2023, he aims to spread ATMs to reach 200 machines by the end of 2023, and to launch mobile banking.