How alBaraka Bank deposit portfolio distributed between different currencies
First Bank
The separate financial statements of alBaraka Islamic Bank, ending in September 2023, revealed a growth in customer deposits by EGP 7.87 bn, a 10.58% increase during the first 9 months of the current year.
Total portfolio reached EGP 82.29 bn by the end of September 2023, compared to EGP 74.42 bn at the end of the previous year.
Focusing on the growth in different currencies during the first 9 months of 2023, deposits in Egyptian pounds increased by 8.22%, reaching EGP 63.42 bn by the end of September 2023, compared to EGP 58.60 bn at the end of December 2022.
Local currency deposits accounted for about 78.8% of the total customer deposits by the end of September 2023.
Regarding foreign currency deposits with alBaraka, they rose to EGP 18.87 bn by the end of September 2023, a 19% growth compared to EGP 15.82 bn at the end of 2022.
Foreign currency deposits constituted approximately 23% of the total customer deposits by the end of the first 9 months of 2023, compared to 21% at the end of December 2022.
The largest among foreign currency deposits was in US dollars, representing 21.5% of the total deposits by the end of September 2023. Its value increased to EGP 17.67 bn, a 20.5% growth compared to EGP 14.67 bn at the end of 2022.
Euro deposits saw a slight increase of 3.3%, reaching the equivalent of EGP 1.05 bn during the period from January to September of the current year, compared to EGP 1.02 bn at the end of 2022, with an increase of about EGP 34 mn, forming a small percentage of 1.3% of the total customer deposits by the end of the first 9 months of 2023.
As for pound Sterling deposits, they increased to the equivalent of EGP 55.8 mn by the end of the third quarter of 2023, with an 8% growth compared to EGP 51.62 mn at the end of 2022.
In terms of deposits in other currencies, they jumped by about 22.6%, reaching the equivalent of EGP 99 mn by the end of September 2023, compared to EGP 81 mn at the end of December 2022, with an increase of about EGP 18 mn.
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