al Baraka supports industrial corporates, its loans jumps 31.83% by the end of 2023

Al Baraka’s loans for Industrial corporates rose by 3.9 bn during the past year, reaching EGP 16.22 bn by the end of December 2023, compared to 12.3 bn by the end of 2022, achieving a growth rate of 31.8%.

With this growth, First Bank is monitoring the development of alBaraka loans for industrial corporates through its various products in 2023.

The Bank was able to inject more syndicated loans for industrial corporates to reach EGP 2.19 bn by the end of 2023, compared to EGP 1.83 bn by the end of December 2022, to grow by 19.5%, with an estimated increase of 357 mn pounds.

Its syndicated loans for industrial corporates accounted for 13.5% of its total loans portfolio for industrial activity by the end of last year.

As for alBaraka's direct loans for industrial corporates, it witnessed significant growth in 2023, moving from EGP 10.5 bn by the end of 2022, reaching EGP 14.03 bn by the end of 2023, with a growth rate of 34% and an increase of EGP 3.56 bn.

The relative weight of alBaraka Bank's direct loans to industrial corporates increased to about 86.5% of the Bank's total loans to industrial corporates by the end of December 2023.

The relative weight of alBaraka Bank’s loans to Industrial corporates increased to 44.9% of the bank's total corporate loans portfolio by the end of December last year, compared to a relative weight of 39.6% by the end of 2022.

It is worth noting that the Bank's total corporate loans rose to EGP 36.1 bn  by the end of 2023, compared to EGP 31 bn by the end of 2022, with a growth rate of 16.2% and an increase of about 5.03 bn  pounds.

Total customer loans and facilities increased by 8.3 bn pounds, with a growth rate of 23.5% during the past year, to reach EGP 43.64 bn by the end of September 2023, compared to EGP 35.35 bn by the end of 2022.