Al Baraka Bank tops fastest-growing listed banks in personal financing during 9M-2024

Al Baraka Bank has been able to continue to inject personal financing at record growth speed in the recent period, which prompted it to top the list of the fastest growing banks in personal financing during the first 9 months of 2024, driven by the policies of Hazem Hegazy, CEO and Vice Chairman of the Bank's Board of Directors.

The personal financing portfolio jumped by 57.72% during the first 9 months of this year, registering EGP 11.6 bn by the end of September 2024, compared to EGP 7.3 bn by the end of 2023, with an increase of EGP 4.2 bn

This contributed to the significant growth of the total of Al Baraka Retail financing, where its portfolio of Retail financing jumped by 56.69% during the first 9 months of this year, reaching EGP 11.9 bn by the end of September 2024, compared to EGP 7.6 bn by the end of 2023.

Overall, Al Baraka Bank achieved a strong performance during the current year, rising its net profit by 38.46%, registering EGP 2.2 bn in the first 9 months of 2024, compared to EGP 1.6 bn in the same period from 2023.

The asset portfolio rose by 25.1% in the first 9 months of this year, reaching EGP 125.7 bn by the end of September 2024, compared to EGP 100.4 bn by the end of 2023, an increase of EGP 25.2 bn.

Total customer financing rose to EGP 54.5 bn by the end of September 2024, compared to EGP 43.7 bn by the end of 2023, a growth of 24.7%, and an increase of EGP 10.8 bn.

Customer deposit portfolio rose by 25.1% in the first 9 months of this year, recording EGP 106.4 bn by the end of September 2024, compared to EGP 85 bn by the end of 2023