alBaraka Bank tops Egyptian banks as fastest growth in total financial investments

alBaraka bank's strong performance in the Egyptian banking market is reflected in its leading position on First Bank list of the fastest-growing banks in total financial investments during the first half of the current year. 

This is evident as it increased by approximately 34.71%, reaching EGP 42.64 bn by the end of June 2023, compared to EGP 31.65 bn by the end of 2022, with an increase of EGP 10.99 bn.

The significant increase in the bank's total financial investments is primarily attributed to a substantial rise in the bank's financial investments at cost, which jumped by about 37.66% during the first half of the current year, reaching EGP 40.4 bn by the end of June 2023, compared to EGP 29.35 bn by the end of 2022, with an increase of EGP 11.05 bn.

Additionally, the increase in alBaraka's financial investments at fair value through profits and losses also played a role in boosting the bank's total financial investments. It rose from EGP 67.93 mn by the end of 2022 to EGP 76.19 mn by the end of the first half of 2023, with a growth rate of 12.17% and an increase of EGP 8.27 mn.

Overall, alBaraka Bank achieved a good performance during the current year, with its net profits increasing by about 30.26% to reach EGP 1.02 bn during the first half of 2023, compared to EGP 783.112 mn during the same period in 2022, with an increase of EGP 236.933 mn.

Total profits, credit facilities and financing of the bank's clients increased by EGP 3.4 bn during the first half of the current year, reaching EGP 38.7 bn by the end of June 2023, compared to EGP 35.4 bn by the end of December 2022, with a growth rate of 9.57% on a semi-annual basis.

The bank's total assets also increased by 7.49%, reaching EGP 93.8 bn by the end of June 2023, compared to EGP 87.2 bn by the end of 2022, with an increase of EGP 6.5 bn.

Furthermore, total portfolio of the bank's deposits increased by about 5.63%, reaching EGP 78.6 bn by the end of June 2023, compared to EGP 74.4 bn by the end of December 2022, with an increase of EGP 4.2 bn.

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