alBaraka Bank customer loans increased by 15.8%, recording EGP 41 bn by Sep- 2023

alBaraka bank revealed significant growth rates during the financial period ending on September 30, 2023, reflecting its success in attracting more customers, strengthening its strategic plan for expansion in the Egyptian banking market, and creating new investment and financing opportunities. This contributes to improving the quality of products and services offered.

In separate bank business results, the total portfolio of loans and facilities provided to customers increased by EGP5.6 bn, with a growth rate of 15.8%, reaching EGP41 bn by the end of September 2023 compared to the end of 2022.

Total value of deposit portfolio reached approximately EGP82 bn by the end of September 2023,  EGP7.9 bn increase with a growth rate of 10.6% compared to the end of 2022. This enabled the bank to raise the loans-to-deposits ratio to 49.8% by the end of September 2023, compared to 47.5% at the end of 2022.

The portfolio of loans provided to retail showed a significant increase in 2023, reaching EGP7 bn by the end of September 2023, a 60% growth compared to the end of the previous year.

The small and medium-sized loans portfolio saw a rise in the third quarter, reaching EGP5.5 bn by the end of September 2023, with a growth rate of 20% compared to the end of 2022, thanks to the bank’s focus on supporting small and medium-sized projects and financial inclusion plans.

Additionally, the portfolio of loans provided to corporates increased by EGP2.9 bn, a growth rate of 9.6%, reaching EGP34 bn by the end of September 2023.

According to separate financial indicators, the bank achieved a return on average assets of 2.3%, and the return on average equity reached 26.1%.

Total assets reached EGP 98.4 bn, an increase of EGP 11.2 bn, or 13%, while total equity amounted to EGP9.1 bn, an increase of EGP 1.5 bn, or 19.5%, compared to the end of 2022.

Hazem Hegazy, CEO and Deputy Chairman of alBaraka Bank’s Board of Directors, stated that the bank demonstrated significant financial flexibility and growth in the third quarter of 2023, confirming the strength of their strategic plan and the increasing trust from various customer segments.

He added that the bank is committed to a specific strategy aimed at expanding its business in several sectors, offering a diverse range of products and services compliant with Islamic Sharia to meet the needs of customers.

Hegazy continued, saying that our success in the third quarter marks a significant milestone in our journey towards positive change in the sector, investing in advanced technologies, and enhancing our position in the Egyptian banking market.