alBaraka bank corporate deposits acquire 50.7%, recording EGP 39.8 bn by June-2023 end

The separate financial statements of alBaraka Bank - Egypt, ending on June 30th, 2023, reveled that corporate deposits portfolio have taken hold of 50.68% share of the total deposit portfolio during the first half of 2023.

Total corporate deposit portfolio within the bank experienced a growth rate of 6.7% during the first half of the current year, reaching EGP 39.8 bn by the end of June 2023. Compared to EGP 37.4 bn at the end of December 2022.

Total retail deposit portfolio surged by 4.6% growth during the first half of the current year. This growth propelled retail deposits from EGP37.1bn at the end of December 2022 to reach EGP 38.8 bn by the end of June 2023, constituting 49.3% of the bank's deposit portfolio.

It is worth noting that the total customer deposit portfolio of the bank exhibited a growth rate of 5.6%, reflecting an increase of EGP 4.2 bn during the first half of the current year. This growth elevated the total value to EGP 78.61 bn by the end of June 2023, up from EGP 74.42 bn recorded at the end of December 2022.

The escalation in the overall customer deposit portfolio can be attributed to EGP 2.5 bn surge in corporate deposits during the first half of 2023. Additionally, retail deposits increased by EGP1.7 bn during the same period.

Demand deposit portfolio expanded significantly, witnessing a growth rate of 25.43% with an increase of EGP 2.8 bn during the first half of the current year. This resulted in a total of around EGP 13.6 bn by the end of June 2023, up from EGP 11.03 bn at the end of December 2022.

Moreover, savings and Deposit Certificates portfolio grew by 3.93% during the first half of the current year, rising from EGP 26.5 bn at the end of December 2022 to EGP 27.5 bn at the end of June 2023.