alBaraka Bank’s financial efficiency indicators evolution At 9M-2023
First Bank
alBaraka Bank improved its financial efficiency indicators during the first 9 months of last year, The following analysis highlights bank's development in financial efficiency indicators from January to September 2023.
The separate financial statements of alBaraka Bank, which ended on September 30, 2023, revealed that the bank achieved a return on average equity (ROE) of 19.31% during the first 9M- 2023, compared to 19.20% during the same period in 2022.
The return on average assets of the bank was 1.73% during the first 9 months of 2023, compared to 1.50% during the first 9 months of 2022.
The main reason for the increase in ROE and ROA is the bank's net profits increase with a growth rate of 28.1%, reaching EGP 1.607 bn during the first 9M- 2023, compared to EGP 1.255 bn during the same period in 2022, an increase of EGP 352 mn.
In terms of earnings per share, the bank recorded a growth rate of 25.3% during the period from January to September 2023, with the bank's share of net profits reaching about EGP 1.88 per share during the first 9 months of 2023, compared to EGP 1.50 during the same period in 2022.
The bank's asset portfolio increased by 13% during the first 9M of the last year, reaching EGP 98.38 bn at the end of September 2023, compared to EGP 87.23 bn at the end of December 2022, an increase of EGP 11.2bn.
In addition, the bank achieved a growth of 19.5% in its Equity portfolio during the first 9M-2023, as it increased from EGP 7.59 bn at the end of December 2022 to EGP 9.06 bn at the end of September 2023.
