alBaraka Achieving Fastest Personal Loans Growth among Banks
First Bank
alBaraka Bank has been able to continue to inject retail personal finance at record growth speed in the recent period, as revealed by First Bank list of the fastest growing banks in personal loans during the first 9M-2023.
The Bank topped the list, after its personal finance portfolio jumped from EGP 3.74 bn by the end of 2022, to EGP 6.67 bn by the end of September 2023, with a growth of 78.22% and an increase of EGP 2.92 bn.
In addition, alBaraka maintained its position, and also ranked first on the First Bank list of the fastest-growing listed banks in personal loans in 2022.
This contributed to the significant growth of the total Retail loans of alBaraka Bank, where its retail finance rose by 60.11%, reaching EGP 6.92 bn by Q3-2023, compared with EGP 4.32 bn by the end of 2022, with an increase of EGP 2.6 bn.
Meanwhile, alBaraka Bank has been performing well over the past year, rising its net profit by about 28.05%, registering EGP 1.61 bn during the first 9M-2023, compared to EGP 1.26 bn during the same period in 2022, with an increase of EGP 352 mn.
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.
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.
Al Baraka Bank's total customer finance jumped to EGP 40.94 bn by Q3- 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.
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