alBaraka Bank: Fastest growing Egyptian bank in retail banking during H1- 2023

alBarka Bank, one of the fastest-growing Egyptian banks in retail banking during the first half of 2023, continued its strong momentum, driven by the policies of Hazem Hegazy, the bank's Chairman and CEO, which aimed to enhance the bank's total financing for customers in general and retail in particular.

This is clearly reflected in topping First Bank list of the fastest-growing banks in retail loans during the first half of the current year, as its retail banking portfolio jumped by approximately 42.49%, reaching EGP6.16 bn by the end of June 2023, compared to EGP 4.33 bn at the end of 2022, an increase of EGP1.84 bn.

alBarka Bank maintained its leadership among Egyptian banks in the speed of retail financing growth, secured the top position in 2022.

The significant increase in alBarka's retail financing portfolio played a crucial role in the growth of the bank's retail loans, as retail loan products at the bank accounted for the majority of retail financing, representing about 93.63% of the bank's total retail loans by the end of June 2023.

The bank's retail loans portfolio jumped to EGP5.77 bn by the end of the first half of 2023, compared to EGP3.74 bn at the end of 2022, with a growth rate of 54.25% and an increase of EGP2.03 bn.

alBarka Bank's credit card portfolio also increased to EGP 35.11 mn by the end of the first half of 2023, up from EGP29.71 mn at the end of 2022, with a growth rate of 18.20% and an increase of EGP5.41 mn. As for the bank's Mortgage financing, it reached EGP357.25 mn by the end of last June.

Overall, alBarka Bank has performed well during the current year, with the bank's net profit increasing by approximately 30.26% to reach EGP1.02 bn during the first half of 2023, compared to EGP783.11 mn during the same period in 2022, an increase of EGP236.93 mn.

Regarding total portfolio of customer deposits, it increased from EGP74.42 bn at the end of 2022 to EGP78.61 bn at the end of June 2023, with a growth rate of 5.63% and an increase of EGP4.19 bn.

Total amount of the bank's customers' Fincancing and credit facilities increased by 9.57%, achieving an increase of EGP3.4 bn during the first half of the current year, reaching EGP38.7 bn by the end of June 2023, compared to EGP35.4 bn at the end of 2022.

The bank's total assets also increased by 7.49% during the first half of the current year, reaching EGP93.8 bn by the end of June 2023, compared to EGP87.2 bn at the end of 2022, with an increase of EGP6.5 bn.