Al Baraka Bank records $51mln in profits in 1H 2023, with 38% growth

Al Baraka Bank has announced that its profits before tax exceeded EGP 1.59bn, a growth rate of 38%, compared to the same period last year, while net profits amounted to EGP 1.02bn, a growth rate of 30%.

The results of Al Baraka Bank’s business during the first half of 2023 revealed that the bank continued to achieve remarkable growth rates, which reflects great success in attracting more customers and enhances the bank’s strategic plan towards expansion in the Egyptian market and creates new investment and financing opportunities contributed to improving the level of products and services provided.

This increase in profits was supported by the increase in net income from the return achieved during the first half of 2023, to reach EGP 2.18bn, a growth rate of 36%. The bank also achieved a net profit margin of 5.2%, compared to 4.3%.

The total portfolio of financing and facilities provided to customers amounted to EGP 39bn, an increase of EGP 3.4bn, a growth rate of 10% compared to the end of 2022, while the total deposits portfolio recorded EGP 79bn in June 2023, an increase of EGP 4.2bn, a growth rate of 5.6% compared to the end of 2022, which confirms the growing confidence that the bank enjoys on the part of various categories and segments of customers, which enabled the bank to reach the ratio of financings to deposits in June 2023 to 49.3%, compared to 47.5% in 2022.