aBaraka Bank continued to top the First Bank list of banks listed on the Egyptian Stock Exchange in terms of t

Analysis

For the second year in a row, alBaraka tops fastest growing listed banks in retail loans

First Bank

3/4/2024 12:51:10 PM

alBaraka Bank

aBaraka Bank continued to top the First Bank list of banks listed on the Egyptian Stock Exchange in terms of the speed of retail loans growth for the second consecutive year, with its portfolio jumping by 75.3% during the past year, reaching EGP 7.6 bn by the end of 2023, compared to EGP 4.3 bn by the end of 2022, with an increase of EGP 3.3 bn.

This strong performance in the retail banking sector is achieved by the policies of alBaraka Bank CEO Hazem Hegazy.

The dramatic rise in alBaraka Personal loans portfolio played an important role in the growth of the Bank’s retail loans, as the Bank's personal loan products acquired the largest share of retail loans as their relative weight amounted to 96.86% of the Bank's total retail loans by the end of 2023.

The Bank's personal loans portfolio rose by 96.36% over the past year, reaching EGP 7.3 bn by the end of 2023, compared to EGP 3.7 bn by the end of 2022, with an increase of EGP 3.6 bn.

AlBaraka Bank's credit card portfolio jumped by 102.1%, registering EGP 60 mn by the end of 2023, compared to EGP 29.7 mn by the end of 2022, with an increase of EGP 30 mn, while the Bank's mortgage loans recorded EGP 177.9 mn by the end of the same period.

Overall, alBaraka Bank has been performing well over the past year, rising its net profits by 26.72%, reaching EGP 2.2 bn in 2023, compared to EGP 1.8 bn in 2022, with an increase of EGP 469 mn.

The Bank’s total customer loans jumped by 23.45% over the past year, reaching EGP 43.6 bn by the end of 2023, compared to EGP 35.4 bn by the end of 2022, with an increase of EGP 8.3 bn.

The assets portfolio rose by about 15.16%, registering EGP 100.4 bn by the end of December 2023, compared to EGP 87.2 bn by the end of 2022, with an increase of EGP 13.2 bn.

The customer deposits portfolio rose by 14.2% and increased by EGP 10.59 bn over the past year, registering EGP 85.01 bn by the end of December 2023, compared to 74.42 bn by the end of December 2022.