Cairo – Mubasher: Al Baraka Bank – Egypt on Monday reported a 26.6% year-on-year surge in profits for the first quarter of 2018, recording EGP 197.49 million from EGP 156 million.

Net income grew to EGP 427.3 million in Q1-18, versus EGP 347.5 million in Q1-17, the bank said in a filing to the Egyptian Exchange (EGX).

Al Baraka Bank had previously posted a 41.5% year-on-year hike in profits for the full-year 2017, recording EGP 725.25 million from EGP 512.4 million.

The bank’s capital amounts to EGP 1.26 billion distributed over 180.9 million shares at a par value of EGP 7 per share.