Business19 November 20153 min read

Al Baraka Bank net income rises 24pc

By DT News Network. Al Baraka Bank Egypt, a subsidiary banking unit of Al Baraka Banking Group BSC (ABG) and its investment arm in Egypt, announced that its net income jumped by 24 per cent in first nine months of 2015 compared to the same period in 2014 Total assets also increased by 26pc, financin

Editorial Team Legacy

Published 19 November 2015, 8:00 · Updated 22:12

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Al Baraka Bank Egypt, a subsidiary banking unit of Al Baraka Banking Group BSC (ABG) and its investment arm in Egypt, announced that its net income jumped by 24 per cent in first nine months of 2015 compared to the same period in 2014

Total assets also increased by 26pc, financing and investments portfolio by 27pc, deposits by 29pc and equity by 8pc at the end of September 2015 compared to the end of December 2014, which reflects the strong performance of the bank, the soundness and solidity of its financial resources and wide and strong customer deposits base.

The bank’s financial statements for the first nine months of 2015 shows that the total income stood at LE824 million (US$108m), increasing by 36pc compared to the same period in 2015. After deducting operating expenses and provisions, net income for the first nine months of 2015 reached LE209m (US$27.4m), increasing remarkably by 24pc compared to the first quarter of 2014.

Customer deposits including IAH reached LE25.7bn (US$3.3bn), growing by 29pc at the end of September 2015 compared to the end of 2014. The bank’s equity amounted to LE1.6bn (US$203m) as at the end of September 2015, increasing by 8pc compared to December 2014.

Commenting on the 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, “The bank has an ambitious branch expansion and geographical spread plans, where the number of branches of the bank reaches 29 branches at present and it intends to open another five new branches during the next year in the areas of New Cairo, Zamalek, Sheikh Zayed, Madiniti and Alaboor, other than the exchange currency offices.”

“We are now 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 2016, which will be a quantum and civilized leap for the bank,” he added.

For his part, 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.

Photo Caption: Adnan Ahmed Yousif Ashraf El Ghamrawy

Al Baraka Bank net income rises 24pc

Editorial Team Legacy

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