Record Surge in alBaraka’s personal loans, achieving the highest annual increase in 5 years
First Bank
alBaraka Bank was able to continue to increase personal loans to individuals at record speed in the recent period, jumping its portfolio to 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, recording the highest annual increase in 5 years.
By tracking portfolio performance during the period under analysis, it is clear to us that its record rise was under the leadership of Hazem Hegazy, CEO and Vice Chairman of the Bank, who assumed this position in late 2021.
His efforts resulted in a 98% increase in portfolio size in 2022, and about 96% in 2023, leading the listed banks on EGX for two years in a row.
The Bank's record growth rates under Hazem Hegazy follow years of the portfolio’s average growth, rising by about 7% in 2019, about 16% and 18% in 2020 and 2021 respectively.
Overall, Al Baraka 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.
Total customer loans of the Bank 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 asset 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 deposit portfolio rose by 14.2% and the value of the portfolio 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.
