alBaraka Bank’s loans to deposit ratio increased to 51.34% by end of 2023

The financial statements of alBaraka Bank Egypt, ending on December 31 of the current year, revealed an increase in loans to deposits ratio, recording 51.34% by the end of December 2023, compared to 47.5% by the end of December 2022.

The bank experienced development in its key indicators, with the deposit portfolio growing at a rate of 14.23%, reaching a value increase of around EGP 10.59 bn in the first 9 months of the current year, totaling EGP 85.01 bn by the end of December 2023, compared to EGP 74.4 bn by the end of December 2022.

The bank increased credit issuance to its customers by approximately EGP8.29bn during the last year, with the total Finance and facilitation for customers growing at a rate of 23.45%, reaching EGP 43.65 bn by the end of December 2023, compared to EGP 35.35 bn by the end of December 2022.

On the financial position front, the bank achieved a growth rate of 15.16%, with an increase of EGP 13.22bn During the last year, recording total assets of around EGP 100.45 bn by the end of December 2023, compared to EGP 87.23 bn by the end of December 2022.

alBaraka Bank’s net profits surged by 27%, with an increase of EGP 469 mn, registering EGP 2.224 bn during 2023, compared to EGP 1.755 bn during 2022.