alBaraka’s growth accelerates to 15.1% during Q1-2024

alBaraka Bank achieved an acceleration in growth during the first quarter of this year compared to the fourth quarter of the last year, recording a composite growth rate of 15.12% during Q1-2024, compared to a composite growth rate of 8.90% during Q4-2023.

This came according to the composite growth index that First Bank developed to measure the financial performance of banks with one number, which shows the compound growth of the bank in 4 indicators, namely net profit, assets, total customer loans, and deposits.

alBaraka Bank managed to achieve positive results in all sub-indicators comprising the composite First Bank index during the first quarter of the current year, especially in net profits, registering a growth rate of 25% in its net profits during Q1-2024.

The bank's total assets contributed to this growth, with a growth rate of 12.52% during the First quarter of this year, while total loan and deposit portfolios increased by growth rates of 212.31% and 10.67%, respectively, during the period from January to March 2024.

As for Q4-2023, net profits were also the most impactful factor in the growth of the composite First Bank index, as the bank achieved a growth rate of 23.40% in its net profits during the period from October to December 2023.

The bank's total customer loans rose by 6.80% during the fourth quarter of the current year, while total deposit and asset portfolios increased by growth rates of 3.30% and 2.10%, respectively, during the same period.

It is worth noting that all values used in calculating the growth rates mentioned in the analysis are based on the financial statements announced at the end of the periods, available on the bank's official website.