For the second year in a row, alBaraka tops fastest growing banks in personal loans
First Bank
alBaraka Bank has been able to continue injecting personal loans for individuals at record growth speed in the recent period, as evidenced by its topping of First Bank list of the fastest growing banks in personal loans in 2023, far ahead of its closest competitors for the second consecutive year, driven by the policies of Hazem Hegazy, the bank's CEO & Vice Chairman.
The Bank's personal loan portfolio jumped 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.
This contributed to the significant growth of the total retail loans of alBaraka Bank, where its retail loans rose by 75.3% over the past year, to 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.
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.
Net interest income rose to EGP 4.4 bn in 2023, compared to EGP 3.4 bn in 2022, with growth of 27.24% and an increase of EGP 935.7 mn.
Net fees and commissions income rose by 52.54% over the past year, reaching EGP 410.1 mn in 2023, up from EGP 268.8 mn in 2022, with an increase of EGP 141.2 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.
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.
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