alBaraka continues to top the fastest growing listed banks in retail loans during Q1-2024
First Bank
alBaraka Bank has managed to top the First Bank list of the fastest growing listed banks in the retail loans portfolio during Q1 of this year.
The Bank's retail loans portfolio jumped by 21.24% during the first 3M of this year, reaching EGP 9.19 bn by the end of March 2024, compared to EGP 7.58 bn by the end of December 2023, with an increase of EGP 1.61 bn, and the continued growth of the retail banking sector reflects the efforts of Al Baraka Bank CEO and his team.
Al Baraka's personal loans portfolio has been effective in the growth of the Bank’s retail loans, rising by 21.79% in the first 3M of this year from EGP 8.94 bn by the end of March 2024, compared to 7.34 bn by the end of 2023, with an increase of EGP 1.60 bn.
The relative weight of the Bank's personal loan portfolio has risen to account for the largest share of retail banking finance, with a relative weight of 97.30% of the Bank's total retail loans by the end of March 2024 compared to a relative weight of 96.86% by the end of last year.
Al Baraka Bank's credit card portfolio jumped by 41.67%, reaching EGP 85 mn by the end of March 2024, compared to EGP 60 mn by the end of 2023, with an increase of EGP 25 mn, while the bank's mortgage loans portfolio recorded about EGP 163 mn by the end of Q1-2024.
Overall, Al Baraka Bank performed well during Q1 of this year, rising its net profit by about 25%, up from EGP 555 mn in the first 3M of 2024, compared to EGP 444 mn in the same period of 2023, with an increase of EGP 111 mn.
In terms of the Bank's financial position, the asset portfolio rose by 12.52%, registering EGP 113.02 bn by the end of March 2024, compared to EGP 100.44 bn by the end of 2023, with an increase of EGP 12.58 bn.
Total customer profits and participation rose by 12.31% in Q1 of this year, after total customer loans moved from EGP 43.72 bn by the end of 2023, to EGP 49.11 bn by the end of March 2024, with an increase of EGP 8.3 bn.
As for the customer deposit portfolio, it rose by EGP 9.07 bn, with a growth rate of 10.67% in Q1 of this year after registering 10. EGP 94.07 bn by the end of March 2024.
For more details about Al Baraka Bank and its achievements, click More
