Al Baraka Bank Retail Financing jumps 607% over the last 5 years

Al Baraka Bank's personal financing portfolio has undergone a remarkable development in recent years, reflecting the success of its strategies in enhancing its presence in the retail banking market by providing innovative financing solutions and expanding its customer base

The Bank managed to achieve record growth in the size of the retail financing portfolio over the last 5 years after jumping 60.739% over the last 5 years, reaching 11.87 billion pounds by the end of September 2024, compared to 1.68 billion billion by the end of December 2018, an increase of 10.20 billion pounds

Tracking its journey over the period under analysis, the Bank recorded the highest growth rate in the size of the retail financing portfolio in 2023 at 75.42% and an increase of 3.26 billion pounds, valued at 7.58 billion pounds by the end of December 2023, compared to 4.32 billion by the end of December 2022

The second highest growth rate in the portfolio in 2022 was 74.09% year-on-year, after the Bank's total retail financing jumped by 1.84 billion pounds, registering 4.32 billion pounds by the end of December 2022, compared to 2.48 billion by the end of December 2021.

In previous years, portfolio volume increased by 13.64% in 2021, while growth of 20.53% in 2020 and 7.92% in 2019.

As for the growth of the portfolio this year, it jumped by 56.69% and an increase of 4.30 billion pounds during the first 9 months of this year, reaching 11.88 billion pounds by the end of September 2024, compared to 7.58 billion by the end of December 2023, leading the list of the fastest-growing banks in retail financing during the first 9 months of 2024.

Overall, Al Baraka Bank's total customer finance portfolio jumped to 54.51 billion pounds by the end of September 2024, compared to 43.73 billion by the end of December 2023, with a growth rate of 24.66% and an increase of 10.78 billion pounds during the first 9 months of this year.

The Bank's total deposit portfolio rose by 25.13% and an increase of 21.36 billion pounds during the first 9 months of this year, reaching 106.37 billion pounds by the end of September 2024, compared to 85.01 billion by the end of December 2023