alBaraka achieves good performance in its financial efficiency indicators during Q1-2024
First Bank
alBaraka Bank improved its financial efficiency indicators during the first quarter of the current year, The following analysis highlights bank's development in financial efficiency indicators during Q1-2024.
The separate financial statements of alBaraka Bank, ending on March 31 2024, revealed that the bank achieved an increase in return on average assets (ROA) of 0.52% during the first quarter of 2024, compared to 0.49% during the same period of 2023.
The return on average equity (ROE)of the bank reaching 5.62% during the first 3 months of the current year, compared to 5.79% during Q1 2023.
The bank's net profits rose with a growth rate of 25%, reaching EGP 555mn during Q1- 2024, compared to EGP 444mn during the same period in 2023, an increase of EGP 111mn.
In terms of earnings per share, the bank recorded a growth rate of 34.69% during the first 3 months of 2024, with the bank's share of net profits reaching about EGP 0.66per share during the 2023, compared to EGP 0.49 during Q1- 2023.
It is worth mentioning that the bank achieved a growth of 12.52% in its asset portfolio an increase of EGP 12.58bn during the first quarter of the current year, as it increased from EGP 100.45bn at the end of December 2023 to EGP 113.02bn at the end of March 2024.
The bank's Equity portfolio also surged by 2.75% during the first quarter of the current year, reaching EGP 10 bn at the end of March 2024, compared to EGP 9.87 bn at the end of December 2023, an increase of EGP268mn.
