alBaraka Bank's Retail Loans Grow by 19.53% in Q1-2023, Reaching EGP5.17 Bn

The separate financial statements of alBaraka Bank for the period ending on March 31, 2023, reveal a notable surge in the portfolio of individual loans, witnessing a growth rate of 19.53%, with an increase amounting to EGP845 mn during the first quarter of the current year.

Total portfolio of retail loans in the bank reached EGP5.171 bn by the end of March 2023, compared to EGP4.326 bn by the end of December 2022, marking a significant 13.62% share of the bank's total customer loan portfolio.

Furthermore, personal loans at the bank have experienced a remarkable increase of 24.53%, with a substantial rise of EGP918 mn during the first quarter of the current year. The total outstanding personal loans reached EGP4.660 bn by the end of March 2023, compared to EGP3.742 bn by the end of December 2022, now accounting for 90.12% of the bank's individual loan portfolio.

Additionally, total credit card balances grew by 5.88% during the first quarter of the current year, rising to EGP31.5 mn by the end of March 2023, from EGP29.7 mn by the end of December 2022, reflecting an increase of EGP1.7 mn.

On a different note, the size of the bank's Mortgage loan portfolio reached EGP479.1 mn by the end of March 2023, compared to EGP554.5 mn by the end of December 2022.

It is worth mentioning that the overall customer loans experienced a growth rate of 7.31% with an increase of EGP2.6 bn during the first quarter of the current year, reaching EGP38 bn by the end of March 2023, in contrast to EGP35.4 bn by the end of December 2022.