Huge leap in Al Baraka Bank’s personal loans with 468% growth under Hazem Hijazi’s leadership

Al Baraka Bank's personal loans portfolio has seen unprecedented growth since Hazem Hijazi took over as CEO. The size of the portfolio jumped at a growth rate of 468% and an increase of EGP 8.4 bn, to register EGP 10.2 bn by the end of June 2024, compared to 1.8 bn by the end of September 2021, this was reflected in the Bank's position in the personal loans sector in Egypt, in addition to attracting a broad customer base.

During the first half of this year, the size of the Bank's personal loans portfolio recorded significant growth of 38.5% and an increase of EGP 2.8 bn, moving from EGP 7.3 bn by the end of December 2023 to 10.2 bn by the end of June 2024.

This contributed to an increase in the total portfolio of retail loans at the bank, which jumped by 339% and an increase of more than EGP 8 bn during the period under analysis, registering EGP 10.4 bn by the end of June 2024, compared to 2.4 bn by the end of September 2021.

The dramatic rise in the portfolio of retail loans has also doubled the total Bank's customer loans under Hazem Hegazi and over a short period of time, having jumped by 114% during the period under analysis, to EGP 49.8 bn by the end of June 2024, compared to 23.3 bn by the end of September 2021, bringing an increase of EGP 26.5 bn.

Overall, the Bank achieved growth in its main indicators during the first half of this year, with net profits rising at a growth rate of 31% and an increase of EGP 316.2 mn, registering about EGP 1.34 bn in the first half of 2024, compared to 1.02 bn during the same period in 2023.

The Bank's total asset portfolio rose by 24% during the first half of this year to EGP 124.6 bn by the end of June 2024, compared to 100.5 bn by the end of December 2023, with an increase of EGP 24.2 bn.

The Bank's total deposit portfolio rose by 25% and an increase of EGP 21.1 bn during the first half of this year, reaching EGP 106.1 bn by the end of June 2024, compared to 85 bn by the end of December