alBaraka Bank grows by 13.23% on First Bank Composite Growth Index during H1-2023

The separate financial statements of alBaraka Bank- Egypt, which ended on June 30, 2023, revealed that alBaraka Bank recorded a compound growth rate of 13.23% during the first half of Current year.

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure, in all branches of activity that include net profits, deposit, loan, and asset portfolios, during the period from January to June 2023.

The bank was able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), led by net profit that recorded a growth rate of 30.26% to record EGP 1.02 bn during H1- 2023, compared to EGP 783.1 mn at the same period of 2022, with an increase of EGP236.9 mn

Furthermore, Total Financing and facilities for customers came in second place with a growth rate of 9.57% during the first half of current year, bringing the total portfolio from EGP 35.4 bn at the end of December 2022 to reach EGP 38.8 bn by June 2023end, achieving an increase of EGP 3.4 bn.

In addition, Total Assets came in third place, recording EGP 93.8 bn by June 2023end, compared to EGP 87.2 bn at the end of 2022, achieving a growth rate of 7.49%, and an increase of EGP 6.5 bn.

The bank's customer deposit portfolio achieved a growth rate of 5.63% in H1-2023, to record EGP 78.6 bn by the end of June 2023, compared to EGP 74.4 bn by the end of 2022، with an increase of EGP 4.2 bn.