Cairo branches of alBaraka Bank acquired 55.72% of the bank's total assets by June-2023 end

According to separate financial statements of alBaraka Bank for the period ending on June 30, 2023, the total assets of the bank increased by 7.49%, reaching EGP93.76 bn by the end of the first half of the current year, compared to EGP87.22 bn by the end of 2022, with an increase of EGP6.53 bn.

Analyzing the bank's financial position by sector, it's evident that its branches in Cairo, totaling 18 branches according to the bank's official website, have the largest share of alBaraka's assets, reaching 55.72% of the total assets by the end of June 2023.

The asset portfolio of the bank's branches in Cairo increased to EGP52.245 bn by the end of the first half of 2023, compared to EGP51.246 bn by the end of 2022, with a growth rate of 1.95% and an increase of EGP999.13 mn.

As for the bank's assets at its main branch located in the First Sector of New Cairo, it experienced the fastest growth during the first six months of the current year, jumping by 56.29% to reach EGP8.24 bn by the end of June 2023, up from EGP 5.27 bn at the end of 2022, with an increase of EGP2.97 bn.

The assets at alBaraka's main branch accounted for approximately 8.79% of the bank's total assets by the end of June 2023.

In terms of the asset portfolio size for the bank's branches in Giza, consisting of 8 branches, it increased by 30.34%, reaching EGP18.07 bn by the end of June 2023, compared to EGP13.87 bn by the end of 2022, with an increase of EGP4.21 bn.

alBaraka's branches in Giza accounted for approximately 19.28% of the bank's total assets by the end of the first half of 2023.

The bank's assets from its 5 branches in Alexandria amounted to EGP 10.10 bn by the end of June 2023, compared to EGP 8.93 bn by the end of 2022, with a growth rate of 13.10% and an increase of EGP 1.17 bn.

alBaraka's assets from its branches in Alexandria represented about 10.77% of the bank's total assets by the end of June 2023.

Regarding the size of its branches in other provinces, it amounted to EGP5.09 bn by the end of the first half of 2023.

It's worth noting that alBaraka Bank provides corporate, retail banking, and investment services in compliance with Islamic Sharia principles in Egypt through 33 branches.

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