alBaraka Bank’s growth accelerates to 11.43% during Q2-2023
First Bank
alBaraka Bank -Egypt’s growth accelerates during the second quarter of 2023, recording a compound growth rate of 11.43%, compared to 9.03% during First quarter 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 during Q2-2023.
The bank was able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio) which formulated First Bank composite growth index, led by net profit, as recorded a growth rate of 38.98% during Q2-2023.
The bank's deposit portfolio came in second place with a growth of 4.17% during the second quarter of current year, it also achieved an increase in both asset portfolio and customer financing with growth rates of 0.49% and 2.10%, respectively, during the period from April to June 2023.
The bank’s net profits also increased on First Bank composite growth index during Q1-2023 to achieve a growth rate of 20.45%.
The bank’s Total Financing portfolio increased by 7.31% during Q1-2023, asset as well as deposit portfolios increased by 6.97% and 1.10%, respectively, at the same period.
it should be noted that all figures and growth rates mentioned above, are according to separate financial statements published on the bank’s official website.
