alBaraka bank’s loans to deposit ratio increased to 52.2% by March 2024end

The financial statements of alBaraka Bank, ending on March 31 of the current year, revealed an increase in loans to deposits ratio, recording 52.20% by the end of March 2024, compared to 51.44% by the end of December 2023.

The bank experienced development in its key indicators, with the deposit portfolio growing at a rate of 11%, reaching a value increase of around EGP 9.07bn in the first 3 months of the current year, totaling EGP 94.07 bn by the end of March 2024, compared to EGP 85.01 bn by the end of December 2023.

The bank increased credit issuance to its customers by approximately EGP5.38bn during the first quarter of the current year, Total financing and facilitation for customers reaching EGP 49.11 bn by the end of March 2024, compared to EGP 43.73 bn by the end of December 2023.

On the financial position front, the bank achieved a growth rate of 12.52%, with an increase of EGP 12.58bn During the first 3 months of the current year, recording total assets of around EGP 113.02 bn by the end of March 2024, compared to EGP 100.45 bn by the end of December 2023.

alBaraka Bank’s net profits surged by 25%, with an increase of EGP111mn, registering EGP 555 mn during Q1- 2024, compared to EGP 444 mn during the same period of 2023.