alBaraka Bank’s Loans to Deposit ratio increased to 49.8% by Sep- 2023End
First Bank
The financial statements of alBaraka Bank Egypt, ending on September 30 of the current year, revealed an increase in the Finance to deposits ratio, recording 49.8% by the end of September 2023, compared to 47.5% by the end of December 2022.
The bank experienced development in its key indicators, with the deposit portfolio growing at a rate of 10.6%, reaching a value increase of around EGP 7.9 bn in the first 9 months of the current year, totaling EGP 82.3 bn by the end of September 2023, compared to EGP 74.4 bn by the end of December 2022.
The bank increased credit issuance to its customers by approximately EGP5.6bn during the first 9 months of the current year, with the total Finance and facilitation for customers growing at a rate of 15.8%, reaching EGP 40.94 bn by the end of September 2023, compared to EGP 35.35 bn by the end of December 2022.
On the financial position front, the bank achieved a growth rate of 12.8%, with an increase of EGP 11.2 bn in the first 9 months of the current year, recording total assets of around EGP 98.38 bn by the end of September 2023, compared to EGP 87.23 bn by the end of December 2022.
alBaraka Bank’s net profits surged by 28.1%, with an increase of EGP 352 mn, registering EGP 1.61 bn during the first 9 months of 2023, compared to EGP 1.26 bn during the same period in 2022.
