alBaraka tops the fastest-growing listed Banks in retail finances
First Bank
AlBaraka Bank continued to expand its retail finances very quickly, making it one of the First Bank's list of the fastest growing listed banks in retail finances during the first half of 2024, thanks to the effective leadership of Hazem Hijazi, Vice Chairman and CEO, and his outstanding team.
The Bank's retail finance portfolio jumped by 37.4% during the first half of this year, reaching EGP 10.4 bn by the end of June 2024, compared to EGP 7.6 bn by the end of 2023, with an increase of EGP 2.8 bn.
The significant increase in Al Baraka's personal finance portfolio has had a significant impact on the growth of retail finances. Personal finances products accounted for the largest share of retail financing, accounting for about 97.63% of the Bank's total retail finances by the end of June 2024.
The personal finance portfolio jumped by 38.5% during the first six months of this year, reaching EGP 10.2 bn by the end of June 2024, compared to EGP 7.3 bn by the end of 2023, with an increase of EGP 2.8 bn.
Al Baraka Bank's credit card portfolio also saw a rise of 75.97% during the first half of this year, recording EGP 105.6 mn by the end of June 2024, compared to EGP 60 mn by the end of 2023, representing an increase of EGP 45.6 mn.
Overall, Al Baraka Bank performed well during the first half of this year, rising its net profit by about 30%, reaching EGP 1.3 bn in the first half of 2024, compared to EGP 1 bn in the same period 2023
The asset portfolio rose to EGP 124.6 bn by the end of June 2024, compared to EGP 100.4 bn by the end of 2023, with growth of 24% and an increase of EGP 24.1 bn.
Gross financing and credit facilities rose by 13.9%, reaching EGP 49.8 bn by the end of June 2024, compared to EGP 43.7 bn by the end of 2023, with an increase that exceeded EGP 6 bn.
The customer deposit portfolio jumped at a growth rate of 24.77% and the value of the increase in the portfolio was about EGP 21.06 bn during the first 6 months of this year, registering EGP 106.1 bn by the end of June 2024, compared to EGP 85 bn by the end of December 2023
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