Al Baraka Bank Egypt’s consolidated profits rise 77.6% YoY in H1
Updated 8/14/2023 9:45:00 AM
Arab Finance: Al Baraka Bank Egypt (SAUD) reported a 77.66% year-on-year (YoY) increase in consolidated profits excluding minority interest during the first half (H1) of 2023, recording EGP 1.019 billion, compared to EGP 573.886 million, according to financial statements filed to the Egyptian Exchange (EGX) on August 14th.
Net interest income soared to EGP 2.181 billion during the first six months of 2023 from EGP 1.128 million in the same half of 2022.
The bank’s standalone profits after tax rose to EGP 1.020 billion in the six-month period ended June 30th, from EGP 576.009 million.
In June, the gross financing portfolio grew 10% YoY to EGP 39 billion, while the deposits portfolio increased by 5.6% YoY to EGP 79 billion, according to an emailed press release.
The total retail financing portfolio hit EGP 6.2 billion in June, up by 42% YoY.
"This remarkable performance serves as compelling testimony to Al Baraka Bank's steadfast adherence to its established strategy, centered on diverse tenets encompassing profit maximization through a comprehensive and sustainable approach,” Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank, said.
Al Baraka Bank Egypt is an Egypt-based commercial bank and part of Al Baraka Banking Group, a Bahraini joint-stock company.
The bank is engaged in the provision of retail, corporate, and investment banking solutions, in accordance with the Islamic Sharia principles, through a network of branches located across Egypt.
Related News
