Al Baraka Bank’s Corporate Sector Significant Performance during H1-2024

Al Baraka Bank's corporate sector grew well during the first half of this year, after the Bank was able to boost its corporate financing to grow by 9%, with an increase of EGP 3.24 bn to EGP 39.39 bn by the end of June 2024, compared to EGP 36.15 bn by the end of last year.

This growth was driven by a 60.51% rise in the bank's syndicated financing during the first half of 2024, recording EGP 7.27 bn by the end of June, compared to EGP 4.53 bn by the end of December 2023, with an increase of EGP 2.74 bn.

The relative weight of the syndicated financing portfolio increased to about 18.45% of total corporate financing by the end of June 2024, compared to a relative weight of 12.53% of the total corporate financing portfolio by the end of last year.

The Bank's direct financing portfolio rose from EGP 31.61 billion by the end of 2023 to EGP 32.12 billion by the end of June 2024, growing by 2%, and increasing its value from EGP 503 mn, thus gaining a relative weight of 81.55% of total corporate financing by the end of the first half of 2024

Al Baraka Bank's corporate sector contributed about 79% of its total customer financing, which rose to EGP 49.81 bn by the first half of this year, compared to EGP 43.72 bn by the end of 2023, to grow by 13.90%, and an increase of EGP 6.08 bn.

Corporate deposits jump by 19%

The bank's corporate deposits rose from EGP 43.33 bn by the end of 2023 to EGP 51.72 bn by the end of June, a growth of 19.34% and an increase of EGP 8.38 bn.

The corporate sector accounted for about 49% of Al Baraka Bank's total customer deposit portfolio, rising to EGP 106.06 bn by the end of the first half of 2024, compared to EGP 85 bn by the end of 2023, with growth of 24.77% and an increase of EGP 21.06 bn.

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