Al Baraka Bank Egypt Doubles its Net Income by 101% to EGP 127 million in First Quarter of 2016
Total assets also increased by 4%, financing and investments portfolio by 4%, deposits by 5% and equity by 6% at the end of March 2016 compared to the end of December 2015, which reflects the growing performance of the Bank and the soundness and solidity of its financial resources.
The Bank's financial statements for the first quarter of 2016 shows a large jump in net operating income of 24% to reach EGP 248 million, and pre-tax profits increased by 86% to reach EGP 194 million during the first quarter of 2016 compared to the first quarter of 2015.
After deducting taxes, net income for the first quarter of 2016 reached EGP 127 million, doubling by 101% compared to the first quarter of 2015. Total assets of Al Baraka Bank Egypt stood at EGP 30.1 billion at the end of March 2016, growing by 4% compared to the end of 2015.
Total financing and investments portfolio reached EGP 26 billion at the end of March 2016, up by 4% compared to the end of December 2015. Customer deposits increased by 5% to LE 26.6 billion at the end of March 2016 compared to the end of previous year. The Bank?€™s equity reached LE 1.6 billion at the end of March 2016, increasing by 6% compared to the end of December 2015.
Commenting on these results, Mr. Adnan Ahmed Yousif, Chairman of the Board of Directors of Al Baraka Bank Egypt and President & Chief Executive of Al Baraka Banking Group said ?€?We are glad to see the steady and distinguished growth in businesses and profits of Al Baraka Bank Egypt, where the Bank was able, by the grace of Allah Almighty and thanks to large efforts of the executive management and all employees of the Bank, to achieve distinguished operating and earning results during the first quarter of 2016, despite all surrounding financial and economic conditions".
Mr. Adnan Ahmed Yousif emphasized that the Bank has an ambitious branch expansion and geographical spread plans, where the Bank intends to open 2 branches in 2016, aimed specifically at the retail and SME sectors, in addition to fully refurbishing old branches. It is meanwhile on track to complete its new headquarters building in the New Cairo area. Its plans for the future include establishing 3 new full branches over the next two years and by early 2017, its rolling expansion program envisaging a network of 42 by 2020.
For his part, Mr. Ashraf El Ghamrawi Vice Chairman of the Board of Directors and Chief Executive Officer of the Bank said that the bank intends to launch new package of programs and products, which will contribute to increasing the volume of deposits through attracting new segments of customers targeted by the new products. The Bank is also interested in financing small and medium enterprises, which represent almost 13% of total customer financing of the Bank. The Bank also plans to sign a financing agreement worth EGP 100 million with the Social Fund, to support the financing of small and medium enterprise sector.
Al Baraka Banking Group (B.S.C) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is jointly rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited, and by Standard & Poor's at BB+ (long term) / B (short term).
Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of Al Baraka is US\\$ 1.5 billion, while total equity is at about US\\$ 2.1 billion.
The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in fifteen countries, which in turn provide their services through over 600 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq and Saudi Arabia, including two representative offices in Indonesia and Libya.
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