alBaraka Bank grows by 15.1% on First Bank composite growth index during Q1-2024

The financial statements of alBaraka Bank, which ended on March 31 of the current year, revealed that the bank achieved a composite growth rate of 15.12% during Q1- 2024.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, all during the period from January to March 2024.

alBaraka Bank managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 25%, recording EGP 555mn during the first quarter of 2024, compared to EGP 444 mn during the same period of 2023.

The bank's asset portfolio was the second contributor to the growth, rising by 12.52% and an increase of approximately EGP 12.6bn during Q1-2024, reaching EGP 113bn by the end of March 2024, compared to EGP 100.4 bn by the end of December 2023.

Total customer financing at the bank were the third contributor to this growth, it rose with a growth rate of 12.31% during Q1-2024, reaching EGP 49.1 bn by the end of March 2024, compared to EGP 43.7bn at the end of December 2023, an increase of EGP 5.4bn.

In addition, Total customer deposits surged by 10.67% during the first 3 months of the current year, to record EGP 94.1 bn by the end of March 2024, compared to EGP 85 bn by the end of December 2023, with an increase of EGP 9.01 bn.