alBaraka Bank’s net profits grow by 30.26% during H1-2023, recording EGP 1.02 bn

The separate financial statements of alBaraka Bank-Egypt, ending on June 30 of the current year, revealed a net profit increase of 30.26%, reaching EGP 1.02 bn during the first half of 2023, compared to EGP 783.112 mn during the same period in 2022, achieving an increase of EGP 236.933 bn.

Pre-tax profit soared by 37.93%, reaching EGP 1.591 bn during the first half of 2023, compared to EGP 1.153 bn during the first half of 2022, marking an increase of EGP 437.4 mn.

Total Financing and facilities to customers increased with a growth rate of 9.57% during the first Half of 2023, with an increase of EGP 3.4 bn, to reach EGP 38.7 bn at the end of June 2023, compared to EGP 35.4 bn at the end of December 2022.

The bank's total assets soared by 7.49%, with an increase of EGP 6.5 bn during the first half of the current year, reaching EGP 93.8 bn by June 2023end, compared to EGP 87.2 bn by the end of December 2022.

Furthermore, the bank succeeded in increasing the total portfolio of customer deposits by EGP 4.2 bn, growing at a rate of 5.63% during the first half of the current year, amounting to EGP 78.6 bn by the end of June 2023, compared to EGP 74.4 bn by the end of December 2022.