alBaraka tops the fastest growing banks in retail financing
First Bank
alBaraka Bank continued to pump financing into the retail banking sector with unprecedented growth in the recent period, bringing it to top the list of the fastest growing banks in retail financing in Q1 of 2024, thanks to the policies of Hazem Hijazi, Hazem Hijazi, CEO and Vice Chairman of Al Baraka Bank and the working team
Al Baraka Bank's retail financing portfolio rose by 21.24% in Q1 of this year, reaching EGP 9.2 bn by the end of March 2024, compared to EGP 7.6 bn by the end of 2023, with an increase of EGP 1.6 bn.
The significant increase in Al Baraka's personal financing portfolio has had a significant impact on the growth of retail financing as personal financing products accounted for the largest share of retail financing, accounting for about 97.30% of the Bank's total retail financing by the end of March 2024.
Personal financing portfolio jumped by 21.79% during the first 3M of this year, reaching EGP 8.9 bn by the end of March 2024, compared to EGP 7.3 bn by the end of 2023, with an increase of EGP 1.6 bn.
Al Baraka Bank's credit card portfolio also saw a rise of 41.94%, reaching EGP 85.2 mn by the end of Q1 of this year, compared to EGP 60 mn by the end of 2023, with an increase of EGP 25.2 mn, while the Bank's mortgage financing reached EGP 163.4 mn at the end of the same period.
Overall, Al Baraka Bank performed well during Q1 of this year, rising its net profits by about 25%, after reaching EGP 555 mn in the first 3M of 2024, compared to 444 mn during the same period of 2023, with an increase of EGP 111 mn.
Regarding the Bank's financial position, the assets portfolio rose by 12.52%, reaching 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 Murabaha and Musharaka transactions with customers rose by 12.31% in Q1 of this year, after total customer financing 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 deposits portfolio, it rose by EGP 9.07 bn and a growth rate of 10.67% in Q1 of this year to EGP 94.07 bn by the end of March 2024, compared to 85.01 bn.
