Arab Finance: Al Baraka Bank Egypt has inaugurated its second digital branch in Alexandria’s Smouha district, advancing its digital transformation strategy while expanding its presence beyond Greater Cairo, according to an emailed press release.

This launch reflects the EGX-listed lender’s commitment to delivering Sharia-compliant banking services. It follows the successful launch of the bank’s first digital branch at its headquarters in New Cairo’s Fifth Settlement.

The new branch also marks a key milestone in accelerating the shift of daily transactions to digital channels, ensuring a faster, more flexible banking experience around the clock.

Al Baraka Bank Egypt offers a wide range of smart services powered by the latest technologies, enhancing the customer experience while reducing reliance on traditional banking procedures.

In this context, Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, stated: "The launch of electronic branches aligns with the bank's digital transformation strategy, and the opening of the Smouha branch marks another step forward in this journey, supporting our vision of increasing the percentage of digitally active customers to 70% by 2027."

With this opening, the lender is advancing toward its expansion plan, aiming to expand its branch network to 48 branches by the end of the current year.

The bank's plans also include upgrading eight existing branches while scaling its network of business centers dedicated to serving small and medium-sized enterprises (SMEs), bringing the total number of business centers to 19 by the end of 2026.

Al Baraka Bank Egypt recently secured 10 prestigious awards from the global EMEA Finance magazine for 2026.

In the first quarter (Q1) of 2026, the lender recorded a 14.41% year-on-year (YoY) plunge in its consolidated net profits attributable at EGP 816.298 million, versus EGP 953.712 million.