alBaraka Bank achieved growth in its customer deposit portfolio during the current year at a rate of 5.63%, wi

albaraka bank,customer deposit,Deposits in EGP

How alBaraka Bank customer deposit portfolio distributed among different currencies

FirstBank

alBaraka Bank achieved growth in its customer deposit portfolio during the current year at a rate of 5.63%, with an increase in value of approximately EGP4.19 bn, reaching a total portfolio of EGP78.61 bn by the end of June 2023, compared to EGP74.42 bn at the end of 2022.

First Bank reports the growth achieved in the customer deposit portfolio in different currencies by the end of June 2023.

Deposits in EGP saw a slight increase, moving from EGP 58.60 bn at the end of 2022 to EGP 60.33 bn at the end of June 2023, with a growth rate of 2.94% and an increase of EGP 1.72 bn.

Islamic Bank of Baraka's deposits in the local currency accounted for the largest share of the total customer deposits of the bank, with a relative weight of approximately 76.7% by the end of the first half of 2023.

As for customer deposits in foreign currencies, they increased to the equivalent of EGP 18.28 bn by the end of June 2023, compared to the equivalent of EGP15.82 bn at the end of 2022, achieving a growth rate of 15.59% and an increase of approximately EGP2.47 bn.

Deposits in foreign currencies represented approximately 23.26% of the total customer deposits by the end of the first 6 months of 2023.

The deposits in U.S. dollars were the largest in terms of size among deposits in foreign currencies, rising to the equivalent of EGP 17.03 bn by the end of the first half of 2023, compared to the equivalent of EGP14.67 bn at the end of 2022, with an increase of approximately EGP2.36 bn and a semi-annual growth rate of 16.12%.

Meanwhile, customer deposits in pound sterlling showed the fastest growth during the first half of the current year, increasing by approximately 28.67% to reach the equivalent of EGP 66.42 mn by the end of June 2023, compared to the equivalent of EGP51.63 mn at the end of 2022, with an increase of approximately EGP14.80 mn.

Despite the growth witnessed during the first half of 2023, they still constitute a small percentage of the total customer deposits of the bank, approximately 1%.

As for customer deposits in Euro, they increased to the equivalent of EGP1.08 bn by the end of the first half of 2023, compared to the equivalent of EGP1.02 bn at the end of 2022, with a growth rate of 6.49% and an increase of approximately EGP65.86 mn.

Regarding customer deposits in other currencies, they jumped by approximately 26.31% to reach the equivalent of EGP102.93 mn by the end of June 2023, compared to the equivalent of EGP 81.49 mn at the end of 2022, with an increase of approximately EGP21.44 mn.

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