Al Baraka Bank Egypt (SAUD) has reported a 20.66% year-on-year (YoY) increase in consolidated profits excluding minority interest during the first quarter (Q1) of 2023, recording EGP 445.663 million, compare to EGP 369.367 million, according to financial statements filed to the Egyptian Exchange (EGX) on May 15th.
Net interest income soared to EGP 1.021 billion during the first three months of 2023, from EGP 720.952 million in the same quarter of 2022.
The bank’s standalone profits after tax rose to EGP 440.036 million in the three-month period ended March 31st, from EGP 368.647 million.
Al Baraka Bank Egypt 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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