alBaraka Bank topped First Bank list of the fastest growing banks in retail loans during the past year, with a

Analysis

alBaraka Bank tops Egyptian banks in terms of retail loans' growth rate during 2022

4/30/2023 9:59:00 AM

alBaraka Bank topped First Bank list of the fastest growing banks in retail loans during the past year, with a growth rate of 74.44%, after its portfolio jumped to EGP4.3 bn at the end of 2022, compared to EGP2.5 bn at the end of 2021, continuing its strong performance since Hazem Hegazy took over the executive leadership of the bank in early October 2021.

Personal loans come at the forefront of the products that caused this big boom in the portfolio of retail banking products, as they acquired 86.50% of total financing to individuals by the end of 2022.

This is after the bank’s personal loan portfolio increased by 98%, to reach EGP3.74 bn at the end of 2022, compared to EGP1.89 bn at the end of 2021, an increase of EGP1.85 bn.

Moreover, credit card portfolio increased to EGP29.71 mn by the end of 2022, compared to EGP25.08 mn by the end of 2021, achieving a growth rate of 18.45%, and an increase of EGP4.63 mn.

While the decline in Mortgage finance portfolio did not affect the bank’s retail banking portfolio, despite its acquisition of 12.82% of the bank’s total loans to individuals by the end of 2022.

The bank's Mortgage loan portfolio declined to EGP554.48 mn at the end of 2022, compared to EGP565.04 mn at the end of 2021.

alBaraka 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’s total loans portfolio jumped by 46.15% over the past year, reaching EGP 35.4 bn by the end of 2022, compared to EGP 24.2 bn by the end of 2021.

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 EGP82.368 bn at the end of 2021, an increase of EGP 4.857 bn.

The bank’s deposit portfolio 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 EGP 1.851 bn.