Al Baraka Egypt profit rises 21pc to EGP250M

Manama 

Al Baraka Bank Egypt, a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG) and its investment arm in Egypt,yesterday posted a 21 per cent increase in net income for the first quarter of 2015 helped by a solid 31pc increase in operating profit. 

The bank’s net income, excluding operating expenses and provisions, reached EGP 63 million (US$8.5m), an increase of 21pc from the same quarter a year ago. 

Total operating income for the quarter rose 31pc to EGP250m (US$33m) from the priori year quarter. 

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 growth in businesses and profits of Al Baraka Bank Egypt, where the Bank was able, by the grace of Allah Almighty and thanks to large efforts of the executive management and all employees of the Bank, to achieve distinguished operating and earning results during the first quarter of 2015".

Total assets increased by 5pc to EGP 23.3 billion, financing portfolio by 4pc to EGP 20.2 billion, customer deposits by 5pc to EGP 20.9 billion at the end of March 2015 compared to the end of December 2014. 

Ashraf El Ghamrawy Vice Chairman of the Board of Directors and Chief Executive Officer of the Bank said, “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 and 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.”

Looking ahead, Adnan emphasized that the bank intends to open five new branches in the areas of New Cairo, Zamalek and the Pyramid, Sheikh Zayed, Madinati and Assiut,  other than the exchange currency offices. At present the bank has 29 branches. 

He also said that the bank is moving towards the furnishing of the new headquarters of the Bank in the New Cairo area with the latest technology, with planning to move there by the end of 2015.