alBaraka Bank tops listed Banks in focusing on saving certificates by the end of June 2024

Al Baraka Bank leads First Bank list of listed banks in focusing on saving and deposit certificates by the end of June, where the savings and deposit certificates portfolio accounted for 31.24% of the total customer deposits of by the end of the same period.

Al Baraka Bank's total saving and deposit certificates were EGP 33.1 bn by the end of June 2024, compared to EGP 29 bn by the end of 2023, with growth of 14.2% and an increase of EGP 4.1 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 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

Overall, Al Baraka Bank performed well during 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. To view the full list, click here