alBaraka Bank continues its support for industrial corporates, with financing reaching EGP14.17 bn by March-2023end

alBaraka Bank has significantly increased its support for industrial corporates during the current year through various banking products offered to its corporate clients. This is evident from the increases witnessed in its portfolio.

Loans provided by alBaraka Bank to industrial corporates jumped by 15.16%, reaching EGP14.17 bn by the end of the first quarter of 2023, compared to EGP12.30 bn at the end of 2022, representing an increase of EGP 1.87 bn.

In light of this noticeable growth, First Bank highlights the development of alBaraka bank's financing for industrial corporates through various bank products during the first quarter of 2023.

alBaraka Bank has significantly expanded its provision of syndicated financing for industrial corporates, which increased to

EGP 2.14 bn by the end of March 2023, compared to EGP1.83 bn at the end of 2022, with a growth rate of 16.83% and an increase of EGP307.8 mn.

Syndicated finance provided by the bank for industrial Corporates constituted about 39.59% of total portfolio of the bank's syndicated loans. These loans increased by about 5.44%, reaching EGP5.4 bn by the end of the first quarter of 2023, compared to EGP 5.12 bn at the end of 2022, with an increase of EGP278.59 mn.

As for the bank's direct financing for industrial corporates, it also witnessed significant growth during the first quarter of the current year, reaching EGP12.03 bn by the end of March 2023, compared to EGP10.47 bn at the end of 2022, with an increase of EGP1.56 bn.

Direct loans to industrial corporates accounted for 43.91% of total direct financing of the bank by the end of the first quarter of 2023.

The portfolio of the bank's direct financing jumped to EGP27.4 bn by the end of March 2023, compared to EGP25.9 bn at the end of 2022, with a growth rate of 5.64% and an increase of EGP1.5 bn.

Bank financing for industrial corporates through various products accounted for 43.20% of its total loan portfolio for corporates by the end of March 2023.

Overall, loans from alBaraka bank to corporates increased by 5.61%, reaching EGP32.79 bn by the end of the first quarter of 2023, compared to EGP31.05 bn at the end of 2022, with an increase of EGP1.74 bn.

Meanwhile, loans to industrial corporates through various banking products accounted for 37.32% of the total customer loans, which increased by 7.31%, reaching EGP37.97 bn by the end of March 2023, compared to EGP 35.37 bn at the end of 2022, with an increase of EGP2.59 bn.