alBaraka Bank’s net profits grow by 25%, recording EGP 555 mn during Q1-2024
First Bank
The separate financial statements of alBaraka Bank, ending on March 31, 2024, announced just ago on Egyptian Stock Exchange, revealed the bank's net profit increased by 25%, reaching EGP 555 mn during the first 3 months of this year, compared to EGP 444 mn during the same period of 2023, with an increase of EGP 111 mn.
Pre-tax profit soared by 28.3%, reaching EGP 918.2 mn during the first quarter of 2024, compared to EGP 715.9 mn during the same period of 2023, with an increase of EGP 202.3 mn.
Total Financing and facilities to customers increased with a growth rate of 12.31% during the first quarter of 2024, with an increase of EGP 5.38 bn, to record EGP 49.11 bn at the end of March 2024, compared to EGP 43.73 bn at the end of December 2023.
Regarding the bank's financial position, the asset portfolio rose by 12.5% during the first 3 months of this year, exceeding EGP 113 bn by the end of March 2024, compared to EGP 100.4 bn by December 2023 end, with an increase of EGP 12.58 bn.
In addition, alBaraka Bank's customer deposit portfolio rose to EGP 94.07 bn by the end of March 2024, compared to EGP 85.01 bn by the end of 2023, with a growth rate of 10.7% and an increase of EGP 9.07 bn.
