alBaraka achieves good performance in its financial efficiency indicators during H1-2024
First Bank
alBaraka Bank improved its financial efficiency indicators during the first half of the current year, The following analysis highlights bank's development in financial efficiency indicators during H1-2024.
The separate financial statements of alBaraka Bank, ending on June 30 2024, revealed that the bank achieved an increase in return on average assets (ROA) of 1.19% during the first half of 2024, compared to 1.13% during the same period of 2023.
The return on average equity (ROE) of the bank reaching 13.03% during the first 6 months of the current year, compared to 12.72% during H1 2023.
The bank's net profits rose with a growth rate of 31%, reaching EGP 1.336bn during H1- 2024, compared to EGP 1.020bn during the same period in 2023, an increase of EGP 316.2mn.
In terms of earnings per share, the bank recorded a growth rate of 35.6% during the first 6 months of 2024, with the bank's share of net profits reaching about EGP 1.60 per share during H1- 2024, compared to EGP 1.18during H1- 2023.
It is worth mentioning that the bank achieved a growth of 24% in its asset portfolio an increase of EGP 24.15bn during the first half of the current year, as it increased from EGP 100.45bn at the end of December 2023 to EGP 124.60bn at the end of June 2024.
The bank's Equity portfolio also surged by 12.72% during the first half of the current year, reaching EGP 10.77 bn at the end of June 2024, compared to EGP 9.74 bn at the end of December 2023, an increase of EGP1.04bn.
