alBaraka Bank's retail financing grows by 21%, reaching EGP 9.2 bn during Q1-2024
First Bank
According to the financial statements of alBaraka Bank ending on March 2024, revealed that retail loan portfolio increased with a growth rate of 21.24% during the first 3M - 2024.
Retail loans portfolio reached EGP 9.19 bn by the end of March 2024, compared to EGP 7.58 bn by the end of December 2023.
Personal loans grew by 22%, totaling EGP 8.94 bn at the end of March 2024, compared to EGP 7.34 bn at the end of December 2023, with an increase of EGP 1.60bn.
Additionally, total credit cards grew by 42%, reaching EGP 85 mn at the end of March 2024, compared to EGP 60 mn at the end of December 2023, with an increase of EGP 25mn While Total Mortgage loans portfolio at the bank recorded EGP 163.4mn during the same period.
It is worth mentioning that the total financing and facilities to customers in the bank rose by 12.3%, and an increase of EGP 5.38bn reaching EGP 49.11 bn at the end of March 2024, compared to EGP 43.73 bn at the end of December 2023.
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.
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.
