alBaraka Bank wins Best Islamic Bank in Egypt Award from Union of Arab Banks

Union of Arab Banks honored alBaraka Bank at the annual ceremony held in Istanbul, Turkey, yesterday evening at the InterContinental Hotel, to distribute awards for banking excellence and achievement in the Arab world for the year 2023.

alBaraka Bank received the award for the Best Islamic Bank in Egypt for the year 2023, which was accepted by Hazem Hegazy, the CEO of the bank.

alBaraka Bank has performed well since the beginning of this year, with its net profits increasing by approximately 30.26%, reaching EGP1.02 bn during the first half of 2023, compared to EGP 783.11 mn during the same period in 2022, an increase of EGP236.93 mn.

The bank's customer deposits portfolio increased from EGP74.42 bn at the end of 2022 to EGP 78.61 bn at the end of June 2023, with a growth rate of 5.63% and an increase of EGP4.19 bn.

Total financing and credit facilities of the bank's clients increased by 9.57%, achieving an increase of EGP3.4 bn during the first half of this year, recording EGP38.7 bn at the end of June 2023, compared to EGP35.4 bn at the end of 2022.

The bank's total assets increased by 7.49% during the first half of this year, reaching EGP93.8 bn at the end of June 2023, compared to EGP 87.2 bn at the end of 2022, with an increase of EGP6.5 bn.

The bank's personal loan portfolio jumped to EGP5.77 bn at 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.

Its retail banking financing portfolio increased by approximately 42.49%, reaching EGP6.16 bn at the end of June 2023, compared to EGP4.33 bn at the end of 2022, with an increase of EGP1.84 bn.