Al Baraka Bank Egypt's consolidated profits climb 26.81% YoY in 2023

Reuters

The lender’s standalone net profits after tax stood at EGP 2.224 billion during 2023, compared to EGP 1.755 billion in the year before

Staff Writer, Arab Finance

February 19, 2024

PHOTO

Al Baraka Bank Egypt logged a 26.81% year-on-year (YoY) jump in its consolidated net profits after tax and non-controlling interests during 2023, hitting EGP 2.217 billion, compared to EGP 1.749 billion in 2022, according to the financial statements sent to the Egyptian bourse on February 19th.

Net interest income recorded EGP 4.374 billion last year, compared to EGP 3.441 billion in 2022.

The lender’s standalone net profits after tax stood at EGP 2.224 billion during 2023, compared to EGP 1.755 billion in the year before.

Established in 1980, Al Baraka Bank offers retail, corporate, treasury, and investment banking services that are applied in accordance with the principles of Islamic Sharia. It contributes to the finance of small and medium enterprises (SMEs).

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