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Al Baraka Bank - Egypt records 18% higher profit in 2020; bonus issue proposed

Al Baraka Bank - Egypt records 18% higher profit in 2020; bonus issue proposed
The lender achieved net interest income of EGP 2.46 billion last year
Al Baraka Bank
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Cairo – Mubasher: The consolidated net profits of Al Baraka Bank - Egypt increased by 17.7% year-on-year (YoY) to EGP 1.25 billion in 2020, compared to EGP 1.066 billion, including minority shareholders’ rights.

The profits attributable to minority interests amounted to EGP 170,663 last year, compared to EGP 263,732 in 2019, the bank said in a bourse disclosure on Monday.

Over the course of 2020, the lender achieved net interest income of EGP 2.46 billion, up from EGP 1.896 billion a year before.

As for standalone business, the bank’s net profits grew to EGP 1.247 billion last year from EGP 1.05 billion in 2019.

The board of directors recommended a dividend distribution of 60% of the bank’s paid-up capital capital through a 0.6-for-one bonus issue.

The issued and paid-up capital will be increased to EGP 2.97 billion from EGP 1.85 billion through the issuance of 159.63 bonus shares at a nominal value of EGP 7 apiece, totalling EGP 1.11 billion.

The bonus issue will be funded from the divisible profits shown in the financial statements for 2020.

During the first nine months of 2020, Al Baraka Bank - Egypt reported consolidated net profits of EGP 1.126 billion, up from EGP 863.64 million, including minority shareholders’ rights.