For the second year in a row, Al Baraka Bank tops fastest growth in personal loans during 9M-2024

Al Baraka Bank was able to continue to inject personal loans at record growth speed in the recent period, as evidenced by its portfolio's rise of 57.72% during the first 9 months of this year, to register 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 strong performance prompted Al Baraka Bank to top the fastest growing Banks in personal loan during the first 9 months of 2024, maintaining its lead for the second year in a row, with the same list having been released during the corresponding period of 2023.

The strong growth in the personal loans portfolio contributed to the significant rise in the Bank's total retail loans, with its retail loans portfolio jumping by 56.69% during the first 9 months of this year, reaching 11.9 billion pounds by the end of September 2024, compared to 7.6 billion pounds 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 2.2 billion pounds in the first 9 months of 2024, compared to 1.6 billion pounds in the same period from 2023.

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

Total customer loans rose to 54.5 billion pounds by the end of September 2024, compared to 43.7 billion pounds by the end of 2023, a growth of 24.7%, and an increase of 10.8 billion pounds

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

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