alBaraka corporate deposits grows by 16%, reaching EGP 43.3 bn by end of 2023
First Bank
The Separate financial statements of alBaraka Bank, ending on December 31, 2023, revealed that corporate deposit portfolio of alBaraka rose with a growth rate of 16.02% during the last year, reaching EGP 43.34 bn by the end of December 2023 Compared to EGP 37.35 bn by the end of December 2022.
corporate deposits portfolio has taken hold of 51% share of the total deposit portfolio during 2023.
Total retail deposit portfolio surged by 12.41% during the last year. To record EGP 41.67 bn by the end of December 2023, compared to EGP 37.07 bn at the close of December 2022, accounts for 49% of the bank's deposit portfolio.
alBaraka's total customer deposit portfolio grew by 14.23% representing an increase of EGP 10.59 bn during the last year. To record EGP 85.01 bn by the end of December 2023, up from EGP 74.42 bn at the end of December 2022.
Demand deposit portfolio expanded significantly, witnessing a growth rate of 27.26% with an increase of EGP 3 bn during 2023 reaching EGP 14.04 bn by the end of December 2023, up from EGP 11.03 bn at the end of December 2022.
The size of the “time and notice deposits” portfolio Jumps by 23.33%, reaching EGP 34.21 bn by the end of December 2023, compared to EGP 27.74 bn bn by the end of December 2022.
