Cairo – Mubasher: Al Baraka Bank – Egypt posted net profits of EGP 1.07 billion in 2019, slightly up from EGP 1.003 billion in the prior year, including minority shareholders’ rights, the bank’s consolidated financial statements showed.

Meanwhile, the lender’s net interest income grew to EGP 1.896 billion last year from EGP 1.884 billion in 2018, according to a statement to the Egyptian Exchange (EGX) on Sunday.

As for standalone business, the bank’s net profits increased to EGP 1.05 billion in 2019, compared to EGP 1.003 billion a year earlier.

In addition, the bank’s board of directors recommended a dividend distribution of 30% of its capital, including cash dividends worth 154.6 million or EGP 0.70 per share, representing 20% of the bank’s capital, and bonus shares of 20% of its capital. 

A 0.2 bonus share will be distributed for every share held, totalling 44.18 million bonus shares valued at EGP 309.28 million, to increase the bank’s paid-up and issued capital to EGP 1.855 billion from EGP 1.54 billion. 

It is noteworthy that during the first nine months of 2019, Al Baraka Bank – Egypt reported a 36.56% profit hike, registering EGP 863.64 million from EGP 632.43 million in the prior-year period.