alBaraka Bank Continues to Excel, Achieving Fastest Personal Loans Growth among Banks
First Bank
alBaraka Bank has managed to maintain its position as the leading Egyptian bank in terms of the speed of personal loans growth, driven by the policies of Hazem Hegazy, Vice Chairman of the bank's board of directors and CEO, who has worked on enhancing the bank's overall financing, particularly in the personal loans sector.
This is evident from the rapid growth journey revealed by First Bank in its various rankings, with the latest being alBaraka Bank's ranking as the fastest-growing Egyptian bank in personal loans during the first quarter of 2023, with a growth rate of 24.53%. Its portfolio reached EGP4.7 bn by the end of March 2023, compared to EGP3.7 bn by the end of 2022, thus maintaining its position. It had previously topped the same list but for 2022.
This contributed significantly to the overall growth of alBaraka Bank's retail loans, as its individual financing increased by 19.53%, reaching EGP5.17 bn by the end of March 2023, compared to EGP4.33 bn by the end of 2022, representing an increase of EGP844.73 mn.
Under Hazem Hegazy's leadership, alBaraka Bank has achieved outstanding performance, as demonstrated by the bank's ability to record the fastest annual growth in net profits in 6 years during the past year, with a growth rate of 55%, reaching EGP1.76 bn in 2022, compared to EGP1.13 bn in 2021, an increase of EGP622.65 mn.
As for the bank's net profits in the current year, they increased by 20.45%, amounting to EGP444.04 mn in the first quarter of 2023, compared to EGP368.65 mn in the first quarter of 2022.
The bank's asset portfolio also increased to EGP93.3 bn by the end of March 2023, compared to EGP78.3 bn by the end of the third quarter of 2021, with a growth rate of 19.19% and an increase of EGP15.02 bn.
Furthermore, total customer loans jumped from EGP23.27 bn at the end of September 2021 to EGP37.9 bn by the end of March 2023, with a growth rate of 63.15% and an increase of EGP14.69 bn.
Deposit portfolio also increased to EGP75.46 bn by the end of March 2023, compared to EGP68.59 bn by the end of the third quarter of 2021.
