alBaraka Bank's Resource employment rate jumps to 93.50% by June-2023 end

alBaraka Bank has achieved a significant increase in its resource employment rate, soaring to 93.50% by the end of the first half of 2023, compared to 81.74% at the end of 2022, as it continues to expand under the leadership of its CEO, Hazem Hegazy.

This indicator, introduced by the research center affiliated with First Bank, measures the traditional resource utilization rate (deposits + equity) against (loans + financial investments) in the Egyptian banking sector.

The exceptional performance achieved by the bank on this indicator during the first 6 months of 2023 is attributed to alBaraka Bank's continued expansion policy in resource employment to support its financial results.

The numbers reflect this success, as the bank has employed EGP 81.41 bn from its traditional resources, which amounted to EGP87.06 bn at the end of June of the current year. This allocation includes EGP 42.64 bn for financial investments and EGP38.77 bn for total customer loans.

Meanwhile, they employed EGP67.03 bn from their traditional resources, which stood at EGP82.01 bn at the end of 2022. This allocation includes EGP31.65 bn for financial investments and EGP35.38 bn for total customer profits and participations.

Regarding the distribution of traditional resources at the end of the first half of 2023, the value of deposit portfolios reached EGP 78.61 bn, while the equity value reached EGP8.45 bn at the end of the current year.

As for financing to deposits ratio at the bank, it increased to 49.31% by the end of June 2023, compared to 47.54% at the end of 2022.

Financial investments to deposits ratio  also jumped to 54.25% by the end of June 2023, compared to 42.53% at the end of 2022.

It's worth noting that alBaraka Bank managed to surpass the employment index in the banking sector, which reached around 91.92% by the end of March 2023, according to the latest data from the Egyptian Central Bank.

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