Industrial Activity is the highest Receptive for alBaraka Bank Corporate Financing

alBaraka Bank's separate financial statements revealed significant progress in the Bank's financing of industrial corporates, with portfolio growth rising by 18.9% during the first 9M of this year, reaching EGP 14.6 bn by Q3 of 2023, up from EGP 12.3 bn by the end of 2022, an estimated increase of EGP 2.3 bn.

This growth was due to the significant expansion of alBaraka Bank in the provision of joint financing to industrial corporates, jumping by about 19%, to register EGP 2.2 bn by the end of September 2023, compared to EGP 1.8 bn by the end of 2022, with an increase of EGP 347.4 mn.

In addition, alBaraka co-financing for industrial corporates accounted for 14.88% of its total financing for industrial activity by the end of Q3 of this year.

The Bank's direct financing of industrial corporates also improved significantly, rising by about 18.8%, to EGP 12.4 bn by the end of September 2023, up from EGP 10.5 bn by the end of 2022, with an increase of nearly EGP 2 bn.

Meanwhile, the Bank's direct loans to industrial corporates accounted for 85.12% of the Bank's total financing for industrial activity by Q3 of 2023.

Industrial corporates are the highest receiver of the Bank’s corporate funds, accounting for 42.97% of the bank's total corporate loans by Q3 of 2023, while financial institutions controlled 16.65%, after registering EGP 5.7 bn by the end of the same period.

The Bank's financing for wholesale and retail sector accounted for 16.28% of its total corporate financing by the end of September 2023, after registering EGP 5.5 bn by the end of the same period.

While the government and real estate activity sector accounted for 4.37%, and 0.44%, respectively, of the bank's total corporate loans by the end of September, while other activities dominated about 19.28% by the end of the same period, and the bank did not disclose the type of such activities.

alBaraka corporate financing (including microfinance for economic activities) rose to EGP 34 bn by Q3 of 2023, compared to EGP 31 bn by the end of 2022, with growth of 9.6% and an increase of nearly EGP 3 bn.

Total customer finance and facilities increased by 15.8% and with an increase of EGP 5.59 bn during the first nine months of this year, reaching EGP 40.94 bn by the end of September 2023, compared to EGP 35.35 bn by the end of 2022.