Al Baraka Bank Egypt turnover up 93 per cent
Manama : Al Baraka Bank Egypt, a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG) and its investment arm in Egypt, announced that the Bank continued to achieve distinguished financial results and growth in businesses, services and products, as the net income of the Bank jumped by 93 per cent in 2016 to reach EGP 512.5 million compared to EGP 265.1 m in 2015.
The Bank has proposed a dividend to shareholders by 15 pc for the financial year 2016, worth EGP 165.2 m as bonus shares used to increase the Bank’s capital and subject to the approval of the Central Bank of Egypt and the General Assembly of the shareholders of the Bank.
Total assets of Al Baraka Bank Egypt stood at EGP 42.5 billion at the end of 2016, growing by 47 pc compared to the end of 2015. Total financing and investments portfolio reached EGP 37.5 bn at the end of 2016, up by 47 pc compared to the end of December 2015 of EGP 25.5 bn. Customer deposits increased by 49 pc to EGP 37.7 bn at the end of 2016 compared to the end of previous year.
Commenting on these results, Adnan Ahmed Yousif, Chairman of the Board of Directors of Al Baraka Bank Egypt and President & Chief Executive of Al Baraka Banking
Group said: “We are glad to see the steady and distinguished growth in businesses and profits of Al Baraka Bank Egypt, where the Bank was able to achieve distinguished operating and earning results during 2016, despite all surrounding financial and economic conditions.”
Adnan Ahmed Yousif also stated that the bank plans to open new branch in first quarter of 2017 at my city area to provide services for individuals and retails.
Ashraf El Ghamrawi Vice Chairman of the Board of Directors and Chief Executive Officer of Al Baraka Bank Egypt said that the Bank has an integrated range of savings products (deposits, certificates, Sukuk) and the structure of the deposit is characterized by a broad base of the household sector with stable savings.
“That means the huge confidence by the customers in the Bank, as a leading financial institution, enjoying full support of the parent company, Al Baraka Banking Group, a leader of the Islamic banking in the region. The Bank has several developed retail financing programs in the Egyptian market that meet the needs of different segments of society, not to mention the provision of direct financing to institutions and companies as well as joint financing of major projects to provide new job opportunities for young people.”
Ashraf El Ghamrawi added that the Bank puts on its priorities list, the expansion in the financing of small and medium-sized enterprises in line with the Central Bank of Egypt guidance which will directly contribute to supporting the national economy.
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