alBaraka Bank's fastest growth in retail banking in the first 9M- 2023
First Bank
alBaraka Bank's strong launch in the retail banking market, driven by the policies of Hazem Hijazi, Vice Chairman of the Bank's Board of Directors and Chief Executive Officer, is evident in its continued ranking top of banks operating in the Egyptian banking sector in terms of the rapid growth of retail Finance by even its closest competitors.
The Bank's retail funding jumped by 60.1%, reaching EGP 6.9 bn by the end of the third quarter of 2023, compared to EGP 4.3 bn by the end of 2022, with an increase of EGP 2.6 bn.
The dramatic rise in AlBaraka Personal funding portfolio played an important role in the growth of the Bank retail loans, as the Bank's personal loan products acquired the largest share of retail finance, weighing relatively about 96.27% of the Bank's total retail loans by the end of September 2023.
The Bank's personal loan portfolio rose from EGP 3.7 bn by the end of 2022, to EGP 6.7 bn by the end of September 2023, with a growth of 78.2% and an increase of EGP 2.9 bn.
AlBaraka Bank's credit card portfolio jumped by 35.6%, reaching EGP 40.3 mn by the third quarter of 2023, compared to EGP 29.7 mn by the end of 2022, with an increase of EGP 10.6 mn, while the Bank's real estate finances recorded EGP 217.97 mn by the end of the same period.
Despite the considerable growth in the Bank's retail finance, it does not lose sight of the importance of supporting companies, as shown by the growth in the size of its corporate funding "including microfinance for economic activities", rising to EGP 34 bn by the third quarter of 2023, compared to EGP 31 bn by the end of 2022, with growth of 9.6% and an increase of almost EGP 3 bn.
This resulted in the growth of the total customer funding of alBaraka Bank, jumping by 15.8% and an increase of EGP 5.6 bn during the first 9M of this year, reaching EGP 40.9 bn by the end of September 2023, compared to EGP 35.4 bn by the end of 2022.
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