alBaraka tops the fastest growing listed Banks in syndicated financing during H1-2024
First Bank
Al Baraka Bank tops First Bank list of the fastest growing listed banks in syndicated financing during the first half of this year, up from ninth place on the same list but in 2023.
Al Baraka’s syndicated financing jumped by 60.5% during the first half of this year, reaching EGP 7.3 bn by the end of June 2024, compared to EGP 4.5 bn by the end of 2023, representing an increase of EGP 2.7 bn.
This contributed to the growth of the Bank's total corporate financing by about 9% in the first six months of this year, recording EGP 39.4 bn by the end of June 2024, compared to EGP 36.1 bn by the end of 2023, with an increase of EGP 3.2 bn.
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.
Total Musharaka and Murabaha transactions with customers 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 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.
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 6M 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.
