Al Baraka Bank Egypt achieves solid profits

The listed bank reported a 30% Year on Year growth in its consolidated net profit for the first nine months of 2020

  
A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany

ArabFinance: The consolidated net profit of Al Baraka Bank Egypt (SAUD) grew to EGP 1.25 billion in 2020, compared to EGP 1.06 billion in 2019, according to the bank’s filing to the Egyptian Exchange on March 1st.

The bank’s standalone net profit stood at EGP 1.24 billion last year, compared to EGP 1.05 billion in 2019.

The listed bank reported a 30% Year on Year growth in its consolidated net profit for the first nine months of 2020, recording EGP 1.12 billion.

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.

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