alBaraka Bank’s net profits grow by 31%, recording EGP 1.34 bn during H1-2024
First Bank
The separate financial statements of alBaraka Bank, ending on June 30, 2024, announced just ago on Egyptian Stock Exchange, revealed the bank's net profit increased by 31%, reaching EGP 1.336 bn during the first 6 months of this year, compared to EGP 1.020 bn during the same period of 2023, with an increase of EGP 316.2 mn.
Pre-tax profit surged by 22.28%, reaching EGP 1.945 bn during the first Half of 2024, compared to EGP 1.591 bn during the same period of 2023, with an increase of EGP 354.5 mn.
alBaraka Bank's customer deposit portfolio rose to EGP 106.1 bn by the end of June 2024, compared to EGP 85bn by the end of 2023, with a growth rate of 24.77% and an increase of EGP 21.06 bn.
Regarding the bank's financial position, the asset portfolio rose by 24.04% during the first 6 months of this year, to record EGP 124.6 bn by the end of June 2024, compared to EGP 100.4 bn by December 2023 end, with an increase of EGP 24.15 bn.
In addition, total financing and facilities to customers increased with a growth rate of 13.90% during the first Half of 2024, with an increase of EGP 6.08 bn, to record EGP 49.81 bn at the end of June 2024, compared to EGP 43.73 bn at the end of December 2023.
