alBaraka Bank grows by 17% on FirstBank Composite Growth Index At 9M-2023

The separate financial statements of alBaraka Bank, ending on September 30th of the past year, revealed that the bank achieved a composote growth rate of 17% during the first 9 months of 2023.

This growth was measured using a composite index set by First Bank to assess the financial performance of banks across all branches of activities, including net profits, loan portfolios, and asset and deposit portfolios, from January to September 2023.

alBaraka Bank managed to achieve positive results across all its sub-indicators comprising First Bank composite growth index. Notably, net profits increased by 28.05% to reach EGP1.607 bn during the first 9 months of 2023, compared to EGP1.255 bn during the same period in 2022, representing an increase of EGP352 mn. Total loan portfolio of the bank's customers contributed to this growth, rising by 15.81% during the first 9 months of the current year, reaching EGP40.942 bn by the end of September 2023, compared to EGP 35.354 bn by the end of December 2022, with an increase of EGP5.588 bn.

Asset portfolio recorded a growth rate of 12.79% during the first 9 months of the current year, increasing from EGP87.224 bn at the end of December 2022 to EGP98.380 bn at the end of September 2023, with an increase of EGP11.156 bn.

Furthermore, customer deposit portfolio at the bank increased by 10.58%, with a value increase of EGP7.871 bn during the first 9 months of the current year, reaching EGP82.291 bn by the end of September 2023, compared to EGP 74.420 bn by the end of December 2022.