alBaraka Bank grows by 20% on FirstBank composite growth index During 2023

The separate financial statements of alBaraka Bank, which ended on December 31st of last year, revealed that the bank achieved a composite growth rate of 20% during 2023.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during 2023.

alBaraka managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 26.72%, reaching EGP 2.2 bn during 2023, compared to EGP 1.8 bn during 2022, with an increase of EGP 469 mn.

Total customer Financing of alBaraka was the second contributor to this growth, increasing by 23.45% during the last year, reaching EGP 43.6 bn by the end of December 2023, compared to EGP 35.4 bn by the end of December 2022, an increase of EGP 8.3 bn.

The bank's asset portfolio was the third contributor to the growth, rising by 15.16% and an increase of approximately EGP 13.2 bn during 2023, reaching EGP 100.4 bn by the end of December 2023, compared to EGP 87.2 bn by the end of December 2022.

In addition, customer deposit portfolio surged by 14.2% during the last year, reaching EGP 85.01 bn by the end of December 2023, compared to EGP 74.42 bn by the end of December 2022, with an increase of EGP 10.59bn.