alBaraka Bank tops the fastest growing banks in loan portfolio during 2022

alBaraka Bank - Egypt topped First Bank list of the fastest growing banks in total loans portfolio during the past year, with a growth rate of 46.15%, to record EGP35.380 bn at the end of 2022, compared to EGP24.208 bn at the end of 2021, an increase of EGP11.17 bn.

This large increase, which the bank was able to achieve during the past year, came mainly from increasing its corporate finance by EGP9.33 bn, bringing the bank’s total corporate loans to EGP31.05 bn by the end of 2022, compared to EGP21.73 bn by the end of 2021, achieving a growth rate of 42.92% over the years. on an annual basis, occupying second place on First Bank list of the fastest growing banks in corporate finance during the past year.

The bank's corporate finance acquired about 87.77% of total loans by the end of 2022, which refers to the bank’s large tendency towards granting financing to corporates, whether it is a large, medium, small or even micro.

Despite this, the bank did not neglect the retail banking sector, as it made remarkable progress in it during the past year, which is clearly reflected in the bank's figures, as its retail finance jumped to EGP4.33 bn by the end of 2022, compared to EGP2.48 bn by the end of 2021, achieving a growth rate reached 74.44%, an increase of EGP1.85 bn.

This strong performance pushed alBaraka bank to lead Egyptian banks in terms of retail loans’ growth by the end of 2022, and it is worth noting that it acquired 12.23% of its total loans portfolio by the end of the same period.

Resulted in an increase in its share in the loan market during the past year, as it jumped to 0.88% of the total banking sector loans by the end of 2022, compared to 0.80% by the end of 2021.