alBaraka Bank's Net Profits grow by 27%, recording EGP 2.2 bn during 2023
First Bank
The separate financial statements of alBaraka Bank, ending on December 31 of the last year and released on the bank's official website recently, revealed an increase in its net profits by 27% during the last year, reaching EGP 2.224 bn during 2023, compared to EGP 1.755 bn during 2022, achieving an increase of EGP 469 mn.
The bank's pre-tax profit also witnessed a growth of 28.1%, amounting to an increase of EGP745.1mn during the last year, recording EGP 3.400bn during 2023, compared to EGP 2.655 during 2022.
Total Financing increased by 23.5%, amounting to EGP 43.65 bn by end of 2023 compared to EGP 35.35 bn by the end of December 2022. an increase of EGP 8.291 bn.
The bank's total asset portfolio jumped from EGP 87.23 bn at the end of 2022 to EGP 100.45 bn at the end of 2023, with a growth rate of 15.2% over the past year, an increase of EGP 13.22 bn.
The bank’s total deposits grew by a rate of 14.2%, an increase of EGP 10.59 bn by 2023 End, reaching EGP 85.01 bn by the end of December 2023, compared to EGP 74.42 bn by the end of 2022.
