alBaraka Bank, fastest-growing Egyptian bank in retail loans during Q1-2023

alBaraka bank has continued its strong performance since Hazem Hegazy assumed the executive leadership of the bank in early October 2021. The bank has consistently achieved strong growth rates, positioning itself among the fastest-growing banks, as evidenced by its continued ranking at the top of various classifications among Egyptian banks.

The latest achievement was its ranking at the top of First Bank list for the fastest-growing banks in retail loans during the first quarter of the current year, with a growth rate of 19.53%. Its portfolio increased from EGP 4.33 bn at the end of 2022 to EGP 5.17 bn at the end of March 2023, an increase of EGP 844.73 mn.

alBaraka bank maintained its position, previously taking first place on First Bank list for the fastest-growing banks in individual financing during 2022.

Personal loans constitute the largest share of individual financing, accounting for 90.12% of the bank's total individual loans at the end of March 2023.

The significant increase in personal loans during the first quarter of the current year played a vital role in achieving significant growth in the bank's individual financing.

Personal financing jumped from EGP 3.74 bn at the end of 2022 to EGP 4.66 bn at the end of March 2023, with a growth rate of 24.54% and an increase of EGP 918.31 mn.

Credit card portfolio increased to EGP 31.45 mn at the end of the first quarter of 2023, compared to EGP 29.71 mn at the end of 2022, with a growth rate of 5.88% and an increase of EGP 1.75 mn.

Although there was a decline in Mortgage financing portfolio, it did not affect the bank's retail portfolio, despite its share of 9.27% of the bank's total individual loans at the end of the first quarter of 2023.

Mortgage loans portfolio declined from EGP 554.48 mn at the end of 2022 to EGP 479.15 mn at the end of March 2023.

In general, the bank has achieved outstanding performance since Hazem Hegazy assumed leadership, with the bank's asset portfolio increasing to EGP 93.3 bn at the end of March 2023, compared to EGP 78.3 bn at the end of the third quarter of 2021, with a growth rate of 19.19% and an increase of EGP 15.02 bn.

Total customer loans at the bank jumped from EGP 23.27 bn at the end of September 2021 to EGP 37.9 bn at the end of March 2023, with a growth rate of 63.15% and an increase of EGP 14.69 bn.

Deposit portfolio also increased to EGP 75.46 bn at the end of March 2023, compared to EGP 68.59 bn at the end of the third quarter of 2021.

Moreover, the bank achieved the fastest annual growth in net profits in 6 years during the previous year, as its net profits surged to EGP 1.76 bn in 2022, compared to EGP 1.13 bn in 2021, an increase of EGP 622.65 mn.

As for the bank's net profits during the current year, it has continued its strong performance, with a growth of 20.45%, recording EGP 444.04mn during the first quarter of 2023, compared to EGP 368.65mn during the first quarter of 2022.