ABG Egypt net profits rises 42pc

Manama : Al Baraka Bank Egypt, a subsidiary banking unit of Al Baraka Banking Group (ABG) and its investment arm in Egypt, yesterday reported a 51 per cent increase in its total income in 2017 to reach EGP 5.43 billion as its net profits jumped by 42pc to reach EGP 725.3 million in 2017 compared to 2016. 

Total assets stood at EGP 50.3 billion at the end of 2017, growing by 19pc compared to the end of 2016. Total financing and investments portfolio reached EGP 33.1 billion at the end of 2017, up by 23pc compared to the end of December 2016. Customer deposits increased by 17pc to EGP 44.2 billion at the end of 2017 compared to the end of previous year.

Commenting on the results, Adnan Ahmed Yousif, Chairman of the Board of Directors of Al Baraka Bank Egypt and President & Chief Executive of Al Baraka Banking Group said that the results reflects the “direct result of the improvement in all performance indicators, quality of service provided to clients and the balanced policy that the Bank follows” in addition to the “large economic improvement, which Egypt witnesses now with testimony from all world institutions”.

“Al Baraka Bank Egypt was able to firmly establish itself as an outstanding Islamic bank in the banking sector in Egypt, thanks to the range and quality of its services, where income from fees and commissions increased by 39% in 2017 compared to 2016,” he said.  

The Bank provides its services through 32 branches spread over main Egyptian provinces and cities in addition to foreign exchange offices. 

“We are now arranging to move to the new headquarters of the Bank in the New Cairo area by the end of the first quarter of 2018,” added Adnan Ahmed Yousif.  

For his part, Ashraf El Ghamrawi Vice Chairman of the Board of Directors and Chief Executive Officer of the Bank said that the Bank puts on its priorities list the expansion in the financing of small and medium-sized enterprises in line with the Central Bank of Egypt guidance.