alBaraka Bank Tops Egypt's fastest growing banks in retail loans during 2023
First Bank
alBaraka Bank tops First Bank list of fastest growing banks in retail loans during 2023, far above its closest competitor for the second consecutive year, driven by the policies of Hazem Hijazi, CEO and Vice Chairman of Al Baraka Bank.
The Bank's retail loans portfolio rose by 75.3% over 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.
The dramatic rise in Al Baraka Personal loans portfolio played an important role in the growth of the Bank’s retail loans, as the Bank's personal loans products acquired the largest share of retail loans, their relative weight was about 96.86% of the Bank's total retail loans by the end of 2023.
The Bank's personal loans portfolio jumped 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.
Al Baraka Bank's credit card portfolio rose 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, 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 bank 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.
Customer deposits portfolio rose by 14.2% and the increase value of the portfolio was about 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. To view the full list, Click More
