Al Baraka’s Retail financing jumps by 475% since the end of 2020

Al Baraka Bank's separate financial statements revealed that it had achieved extraordinary growth in its retail financing portfolio over the past 5 years, jumping by 475%, from EGP 1.81 bn by the end of 2020, to EGP 10.42 bn by the end of June 2024, with an increase of EGP 8.60 bn.

Highlighting the growth rates achieved over the past years, Al Baraka has achieved the fastest quarterly growth in its retail financing portfolio in the first 6 months of 2023 at a rate of 42.49% after registering the retail financing about EGP 6.16 bn by the end of June 2023, compared to 4.33 bn by the end of 2023.

The portfolio saw the largest increase in the first half of 2024, after recording EGP 10.42 bn by the end of June, compared to 7.58 bn by the end of 2023, with an increase of EGP 2.84 bn, and a growth of 37.41%, leading the fastest-growing listed banks in the retail financing portfolio during the first half of 2024.

As for the growth of the Bank's retail financing portfolio during the first 6 months of 2022, it grew at a 22.84% rate and an increase of EGP 567 mn, while its portfolio rose about 5 .49%, 4.03% in 2021 and 2020 respectively.

Despite Al Baraka's rapid growth in the retail banking sector, it did not lose sight of its corporate financing sector, rising by EGP 3.24 bn in the first half of 2024, registering EGP 39.39 bn by the end of June 2023, compared to 36.15 bn by the end of 2023.

Al Baraka Bank - Egypt was able to achieve positive results in its main indicators during the first 6 months of this year. The Bank's net profit increased at a rate of 31% growth and an increase of EGP 316 mn, recording EGP 1.336 bn in the first half of 2024, compared to 1.020 bn during the same period of 2023

Its customer deposit portfolio jumped by 24.77% and an increase of EGP 21.06 bn during the first half of this year, exceeding EGP 106 bn by the end of June 2024, compared to 85.01 bn by the end of December 2023

In terms of the Bank's financial position, its asset portfolio rose by 24.04%, to EGP 124.60 bn by the end of June 2024, compared to 100.45 bn by the end of December 2023, an increase of EGP 24.15 bn.