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Al Baraka Bank Egypt’s consolidated profits rise 37.12% YoY in Q1

Al Baraka Bank Egypt’s consolidated profits rise 37.12% YoY in Q1

ArabFinance: Al Baraka Bank Egypt (SAUD) has reported a 37.12% year-on-year (YoY) increase in consolidated profits excluding minority interest during the first quarter (Q1) of 2022, recording EGP 369.367 million, according to financial statements filed to the Egyptian Exchange (EGX) on Monday.

Net interest income soared to EGP 720.951 million in Q1-2022, from EGP 636.435 million in the same quarter the year before.

The bank’s standalone profits after tax rose to EGP 368.647 million in the three-month period ended March 31st, from EGP 268.09 million, financial statements showed.

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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