alBaraka Bank achieves the Fastest quarterly growth in retail banking in 5 years
First Bank
alBaraka Bank expanded dramatically in the retail banking market during the first 9M of 2023, as reflected in the large rise in portfolio size, jumping by 60.1%, to EGP 6.9 bn by Q3- 2023, compared to EGP 4.3 bn by the end of 2022, with an increase of EGP 2.6 bn, recording the fastest quarterly growth in 5 years.
This performance prompted alBaraka to top the list of the fastest growing banks in retail loans during the first 9M of this year.
The Bank’s Retail financing has seen record and specific growth since Hazem Hegazy assumed executive leadership of the bank in September 2021, as revealed by quarterly portfolio growth rates during 2022 and 2023, while the portfolio before his era was underdeveloped.
By monitoring the bank's quarterly growth rates, during the first 9M of 2019, it achieved a growth of about 3.7% in the size of its retail financing, while a growth of about 14.7% during the same period in 2020.
As for its performance during the first 9M of 2021, alBaraka achieved a growth in the size of its retail loans of 8.70%, while a rise of 59.8% during the same period in 2022.
Al Baraka Bank has performed well over the past year, rising its net profit by about 28.05%, registering EGP 1.61 bn in the first 9M of 2023, compared to EGP 1.26 bn in the same period of 2022, with an increase of EGP 352 mn.
The Bank's customer deposit portfolio rose by 10.58%, to EGP 82.29 bn by the end of September 2023, compared to EGP 74.42 bn by the end of 2022, with an increase of EGP 7.87 bn.
Its asset portfolio climbed to EGP 98.38 bn by the end of Q3- 2023, compared to EGP 87.22 bn by the end of 2022, with a growth of 12.79% and an increase of EGP 11.16 bn.
Al Baraka Bank's total customer funding jumped to EGP 40.94 bn by Q33- 2023, from EGP 35.35 bn by the end of 2022, with a growth rate of 15.80% and an increase of EGP 5.59 bn.
