alBaraka Bank has emerged as fastest-growing listed bank in retail banking financing At 9M-2023

The bank’s focus on enhancing overall customer financing, particularly for individuals, has led to significant growth in its retail banking loan portfolio. This is evident in  alBarka Bank topping First Bank list of the fastest-growing listed banks in individual loans for the first 9 months of the current year, with a substantial lead over its closest competitors.

alBarka Bank, under the leadership of Chairman and CEO Hazem Hegazy, maintained its position as the fastest-growing Egyptian bank in personal financing, building on its previous achievement in 2022. The strong performance is driven by the bank’s decisive policies.

The bank’s retail loans surged by approximately 60.11%, reaching EGP 6.92 bn by the end of the third quarter of 2023, compared to EGP 4.32 bn at the end of 2022, marking an increase of EGP 2.6 bn.

The significant increase in alBarka’s personal financing portfolio played a crucial role in the growth of the bank’s retail loans. Personal loans accounted for approximately 96.27% of the total retail loans by the end of September 2023.

The personal loan portfolio increased from EGP 3.74 bn at the end of 2022 to EGP 6.67 bn by the end of September 2023, reflecting a growth rate of 78.22% and an increase of EGP 2.92 bn. The bank’s credit card portfolio also grew by about 35.61% to reach EGP 40.29 mn by the end of the third quarter of 2023.

The bank’s exceptional performance in 2023 includes a 28.05% increase in net profits, totaling EGP 1.61 bn in the first 9 months, compared to EGP 1.26 bn during the same period in 2022, with an increase of EGP 352 mn.

The bank’s total assets rose to EGP 98.38 bn by the end of the third quarter of 2023, a 12.79% growth from EGP 87.22 bn at the end of 2022, with an increase of EGP 11.16 bn.

Customer deposits increased by approximately 10.58%, reaching EGP 82.29 bn by the end of September 2023, compared to EGP 74.42 bn at the end of 2022, representing an increase of EGP 7.87 bn.

The bank’s total customer financing reached EGP 40.94 bn by the end of the third quarter of 2023, up from EGP 35.35 bn at the end of 2022, reflecting a growth rate of 15.80% and an increase of EGP 5.59 bn.