Cairo – Mubasher: The consolidated net profits attributable to the owners of Al Baraka Bank-Egypt hiked to EGP 1.01 billion in the first half (H1) of 2023 from EGP 783.11 million a year earlier.

The net income from funds amounted to EGP 2.18 billion in H1-23, an annual surge from EGP 1.60 billion, according to the interim consolidated financial results.

Basic earnings per share (EPS) stood at EGP 1.18 during the first six months (6M) of 2023, versus EGP 0.95 in 6M-22.

As of 30 June 2023, the total assets hit EGP 93.71 billion, while the clients’ deposits reached EGP 78.55 billion.

Standalone Business

Al Baraka Bank-Egypt logged standalone net profits after tax valued at EGP 1.02 billion in H1-23, up year-on-year (YoY) from EGP 783.11 million.

Non-consolidated net income from funds enlarged YoY to EGP 2.17 billion in the January-June 2023 period from EGP 1.60 billion.

Financial Results for Q2-23

In the second quarter (Q2) of 2023, the lender posted an annual jump in consolidated net profit after tax to EGP 573.83 million, versus EGP 413.73 million.

The net income from funds income surged to EGP 1.12 billion in Q2-23 from EGP 885.96 million in Q2-22, while the EPS went up to EGP 0.69 from EGP 0.50.

As for the standalone financials, the net profits soared to EGP 576 million in April-June 2023 from EGP 414.46 million a year earlier, whereas the net income from funds widened to EGP 1.12 billion from EGP 884.30 million.

Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank, said: “In line with this strategy, the bank foresees broadening its business footprint across multiple sectors by magnifying its engagement with small and medium-sized enterprises (SMEs), extending an array of products and services to major corporations, and further amplifying its geographic presence in regions marked Sharia’a compliant banking products and services.”

“With this in mind, we persist in our quest for excellence, ensuring each stride we undertake propels us toward augmented financial prosperity for our esteemed Customers and stakeholders, alike,” Hegazy added.

As of 31 March 2023, the lender’s consolidated net profit after tax surged to EGP 445.68 million from EGP 369.38 million in Q1-22, including minority interest.