alBaraka Bank grows by 23.4% on First Bank composite growth index during H1-2024

The financial statements of alBaraka Bank, which ended on June 30 of the current year, revealed that the bank achieved a composite growth rate of 23.43% during H1- 2024.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, all during the period from January to June 2024.

alBaraka Bank managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 31%, recording EGP 1.336bn during the first Half of 2024, compared to EGP 1.020bn during the same period of 2023.

Total customer deposits at the bank were the second contributor to this growth, it rose with a growth rate of 24.77% during H1-2024, reaching EGP 106 bn by the end of June 2024, compared to EGP 85.01bn at the end of December 2023, an increase of EGP 21.06bn.

The bank's asset portfolio was the third contributor to the growth, rising by 24.04% and an increase of approximately EGP 24.15bn during H1-2024, reaching EGP 124.60bn by the end of June 2024, compared to EGP 100.4 bn by the end of December 2023.

In addition, Total customer Financing surged by 13.90% during the first 6 months of the current year, to record EGP 49.81 bn by the end of June 2024, compared to EGP 43.73 bn by the end of December 2023, with an increase of EGP 6.08 bn.