alBaraka bank tops listed banks in focusing on direct loans by end of 2022

alBaraka Bank strengthened its interest in direct loans during 2022, topping First Bank list of most focused listed banks on direct loans, as its direct financing obtained the highest relative weight; 73.31% of its total loan portfolio.

alBaraka's direct finance portfolio increased by 38.75%, to reach EGP 25.94 bn by the end of 2022, compared to EGP18.69 bn by the end of 2021, an increase of EGP7.24 bn.

Due to increasing in corporate direct loans, as it jumped to EGP 5.82 bn by the end of 2022, compared to EGP 414.27 mn by the end of 2021, an increase of EGP5.4 bn.

Direct loans to industrial corporates increased by 67.37%, to reach EGP 10.47 bn by the end of 2022, compared to EGP 6.26 bn by the end of 2021, an increase of EGP 4.22 bn.

While Mortgage reached EGP23.22 mn, EGP 4.72 bn for wholesale and retail trade, and EGP56.56 mn for the government sector, while the remaining values ​​of EGP 4.85 bn were distributed among other activities.

It is worth noting that the bank’s total loan portfolio increased by 46.15% over the past year, to record EGP 35.4 bn by the end of 2022, compared to EGP 24.2 bn by the end of 2021.

The bank was able to achieve a good performance during 2022, as the bank’s net profit jumped by 55%, to record EGP1.76 bn in 2022, compared to EGP1.13 bn in 2021, an increase of EGP622.65 mn

The bank achieved a growth in its total assets at a rate of 5.90%, after its value increased to record EGP87.225 bn at the end of 2022, compared to EGP 82.368 bn at the end of 2021, an increase of EGP 4.857 bn.

The deposits increased by 2.55%, to record EGP74.420 bn by the end of 2022, compared to EGP72.569 bn by the end of 2021, an increase of EGP1.851 bn.