alBaraka Bank: Deposits Rise to EGP82 Bn, Aiming for EGP 43 Bn in Loans by End of 2023
First Bank
Hazem Hegazy, Deputy Chairman of the Board and CEO of Baraka Bank, stated that the bank has successfully exceeded the mandated 25% support for the small and medium-sized enterprises sector, currently reaching around 30%.
He made these remarks during the 17th edition of the People and Banks Conference held on October 25, indicating the bank's growth in deposit portfolio from EGP 74.4 bn in 2022 to EGP82 bn.
Additionally, the bank aims to increase its financing portfolio from EGP35.4 bn in 2022 to EGP43 bn by the end of 2023.
Furthermore, the bank plans to expand its branches from 35 to 42 by the end of 2024 and 52 by the end of 2025, focusing on supporting industrial sectors related to the green economy.
alBaraka Bank has recently launched the exclusive "Tharaa" service tailored for high-end clients, offering a variety of retail products and services designed to meet the modern lifestyle needs.
The bank's customer financing portfolio increased by 9.57% in the first half of this year, reaching EGP38.8 bn by June 2023, compared to EGP35.4 bn by December 2022.
Additionally, its deposit portfolio grew by 5.63%, reaching EGP78.6 bn by June 2023, compared to EGP74.4 bn by December 2022.
