Retail deposits account for 51.6% of alBaraka's portfolio by the end of March 2024, recording EGP 48.5 bn

The separate financial statements of alBaraka Bank, which ended on March 31, revealed that the retail deposit portfolio grew by 16.47% with an increase of about EGP6.86 bn during the first quarter of this year, reaching EGP48.54 bn by the end of March 2024, compared to 41.67 bn by the end of December 2023, to account for 51.60% of the bank's total deposit portfolio.

The bank's corporate deposit portfolio rose to EGP45.54 bn by the end of March 2024, compared to EGP43.34 bn by the end of December 2023, growing by 5.09%, and registering an increase of EGP2.20 bn during the first quarter of this year.

As a result, the Bank's total deposit portfolio grew by 10.67% and recorded an increase of EGP9.07 bn during the first quarter of this year, reaching EGP94.07 bn by the end of March 2024, compared to 85.01 bn by the end of December 2023.

On the basis of the demand deposits portfolio rose by 36.80% and an increase of EGP5.16 bn by the end of the first quarter of this year, reaching EGP19.20 bn by the end of March 2024, compared to 14.04 bn bn by the end of December 2023.

Deposit certificates portfolio rose by 9.10% and recorded an increase of EGP2.64 bn during the first quarter of this year, reaching EGP31.65 bn by the end of March 2024, compared to 29.01 bn by the end of December 2023.

The savings deposits portfolio also increased by 23.38% and an increase of EGP1.56 bn during the first quarter of this year, up from EGP8.23 bn by the end of March 2024, compared to 6.67 bn by the end of December 2023.

The other deposit portfolio rose by 46.20% to EGP1.58 bn by the end of March 2024, compared to 1.08 bn by the end of December 2023, jumping 46.20% and achieving an increase of EGP499 million during the first quarter of this year, while the volume of Time Deposit portfolio recorded EGP33.42 bn by the end of March.