Al Baraka Bank Egypt okays capital increase

The bank will also distribute 60%, an equivalent of 15,963,145 free shares, of issued capital

  
A trader works at the Egyptian stock exchange in Cairo. Image for illustrative purposes.

A trader works at the Egyptian stock exchange in Cairo. Image for illustrative purposes.

REUTERS/Mohamed Abd El Ghany
 

ArabFinance: Al Baraka Bank Egypt’s (SAUD) ordinary general assembly approved capital hike by distributing free shares financed from 2019’s profit, according to the bank’s statement filed to the Egyptian Exchange.

The bank will also distribute 60%, an equivalent of 15,963,145 free shares, of issued capital after the increase by 0.6 free share for every one held.

Al Baraka Bank obtained the Financial Regulatory Authority’s go-ahead to increase issued and paid-in capital EGP 1.113 billion.

The consolidated net profit of the bank grew to EGP 1.25 billion in 2020, compared to EGP 1.06 billion in 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.

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