Al Baraka Bank Egypt (SAUD) reported a 77.66% year-on-year (YoY) increase in consolidated profits excluding minority interest during the first half (H1) of 2023, recording EGP 1.019 billion, compared to EGP 573.886 million, according to financial statements filed to the Egyptian Exchange (EGX) on August 14th.

Net interest income soared to EGP 2.181 billion during the first six months of 2023 from EGP 1.128 million in the same half of 2022.

The bank’s standalone profits after tax rose to EGP 1.020 billion in the six-month period ended June 30th, from EGP 576.009 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 branches located across Egypt.

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