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Al Baraka Bank achieves 30% profit rise

Al Baraka Bank achieves 30% profit rise

ArabFinance: Al Baraka Bank Egypt reported a 30% Year on Year growth in its consolidated net profit for the first nine months of 2020, according to the company’s November 11th financial statements filed to the Egyptian Exchange.

Consolidated net profit before minority interest stood at EGP 1,126,450,188 in the January-September period of 2020, compared to EGP 863,643,410 achieved in the prior-year period.

Standalone net profit reached EGP 1,120,998,949 in the January-September period of 2020, a 30% rise from EGP 863,643,410 posted in the corresponding period a year earlier.

The bank said earlier it will establish the first electronic branch in New Cairo during the coming months.

Al Baraka Bank 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 32 branches located across Egypt.

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