Al Baraka Bank tops the fastest growing banks in personal financing
First Bank
Al Baraka Bank has been able to continue to inject personal finance at record growth speed in the recent period, as evidenced by leading the list of fastest growing banks in personal loans during the first half of 2024, driven by the policies of Hazem Hegazy, CEO & Vice Chairman of the Bank.
The personal finance portfolio jumped by 38.5% during the first six months of this year, reaching EGP 10.2 bn by the end of June 2024, compared to EGP 7.3 bn by the end of 2023, an increase of EGP 2.8 bn.
This contributed to the significant growth of the total retail financing of Al Baraka, where the Bank's retail financing portfolio jumped by 37.4% during the first half of this year, reaching EGP 10.4 bn by the end of June 2024, compared to EGP 7.6 bn by the end of 2023, with an increase of EGP 2.8 bn.
Overall, Al Baraka Bank performed well during the first half of 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.
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
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, an increase that exceeded EGP 6 bn.
The customer deposit portfolio jumped at a growth rate of 24.77% and the value of the increase in the portfolio was about 21.06 billion pounds 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
