alBaraka Bank grows by 9.03% on First Bank Composite Growth Index during Q1-2023

The separate financial statements of alBaraka Bank– Egypt, which ended on March 31, 2023, revealed that the bank recorded a composite growth rate of 9.03% in all branches of activity that include net profits, deposit, loan, and bank asset portfolios.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks with a single number, during the first quarter of 2023

The bank was able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), led by net profit that recorded a growth rate of 20.45% to record EGP 444.036 mn during Q1 2023, compared to EGP 368.647 mn at the same period 2022 with an increase of EGP 75.389 mn

Furthermore, The bank's Total customer loans achieved a growth rate of 7.31% to reach EGP 37.966 bn by the end of March 2023, compared to EGP 35.380 bn by the end of 2022، with an increase of EGP 2.586 bn

Total customer deposit portfolio increased by a growth rate of 1.40% during the first quarter of this year, bringing the total portfolio from EGP 74.420 bn at the end of December 2022 to EGP 75.462 bn at the end of the first quarter of this year, achieving an increase of EGP 1.042 bn.

In addition, the bank's Total asset portfolio Jumped to record EGP 93.301 bn by the end of March 2023, compared to EGP 87.225 bn by the end of 2022, achieving a growth rate of 6.97%, and an increase of EGP 6.076 bn