alBaraka Bank resource employment rate jumps to 93.6% by Sep-2023end
First Bank
alBaraka bank achieved a record increase in resource employment rate, jumping to 93.63% by the end of the third quarter of 2023, compared to 81.74% at the end of 2022, further expanding under the leadership of Hazem Hegazy, the CEO.
This indicator, introduced by the research center affiliated with First Bank, measures the traditional resource employment rate (deposits + shareholders’ Equity) in (loans + financial investments) for banks operating in the Egyptian banking sector.
The exceptional performance witnessed by the bank in the first 9 months of 2023 is attributed to its continued expansion policy in resource employment to support its financial results.
The bank employed EGP 85.53 bn from traditional resources, reaching EGP91.35 bn by the end of September, allocated to loans and financial investments, including EGP44.59 bn for financial investments and EGP40.94 bn for total customer loans.
In comparison, it employed EGP 67 bn from traditional resources, which amounted to EGP82.01 bn by the end of 2022, allocated to loans and financial investments, including EGP31.66 bn for financial investments and EGP35.38 bn for total customer profits and participations.
Regarding the distribution of traditional resources for alBaraka Bank during the first 9 months of the current year 2023, the value of the deposit portfolio reached EGP82.29 bn, while the ownership rights amounted to EGP 9.06 bn by the end of the same period of the current year.
As for the deposit employment rate for financing in the bank, it increased to 49.75% by the end of September 2023, compared to 47.54% by the end of 2022. As for the deposit employment rate for financial investments, it jumped to 54.18% by the end of September 2023, compared to 42.53% by the end of 2022.
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