ArabFinance: Al Baraka Bank Egypt’s (SAUD) (SAUD) board of directors approved fair value of its building in New Cairo with an average of EGP 492.5 million, according to the bank’s September 15thstatement filed to the Egyptian Exchange.

Baker Tilly Wahid Abdel Ghaffar, the financial adviser, set the amount with plus or minus 10 percent that likely tends to decrease due to the decline in demand and increase in supply.

Earlier, the bank announced establishing the first electronic branch in New Cairo during the coming months, Vice Chairman of Al Barak Bank Ashraf al-Ghamrawi told Al-Mal News website.

The bank posted a consolidated net profit of EGP 543.679 million in the first half (H1) of 2020, an increase from EGP 537.606 posted in H1 2019.

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.

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.