alBaraka’s retail deposits grow by 30.4% during H1-2024, recording EGP 54.3 bn

The separate financial statements of alBaraka Bank, which ended on June 30 2024, revealed that the retail deposit portfolio grew by 30.42% with an increase of about EGP16.68bn during the first half of this year, reaching EGP54.35bn by the end of June 2024, compared to EGP41.67 bn by the end of December 2023, to account for 51.24% of the bank's total deposit portfolio.

The bank's corporate deposit portfolio rose to EGP51.72bn by the end of June 2024, compared to EGP43.34 bn by the end of December 2023, growing by 19.34%, and registering an increase of EGP8.38bn during the first quarter of this year.

As a result, the Bank's total deposit portfolio grew by 24.77% and recorded an increase of EGP21.06bn during the first quarter of this year, reaching EGP106.06bn by the end of June 2024, compared to EGP85.01 bn by the end of December 2023.

On the basis of the demand deposits portfolio rose by 56.81% and an increase of EGP7.98bn by the end of the first half of this year, reaching EGP22.01bn by the end of June 2024, compared to EGP14.04 bn bn by the end of December 2023.

Deposit certificates portfolio rose by 14.21% and recorded an increase of EGP4.12bn during the first Half of this year, reaching EGP33.13bn by the end of June 2024, compared to EGP29.01 bn by the end of December 2023.

The savings deposits portfolio also increased by 96.64% and an increase of EGP6.44bn during the first half of this year, up from EGP13.11bn by the end of June 2024, compared to EGP6.67 bn by the end of December 2023.