Al Baraka Bank Egypt says targets 20% growth in customer deposits

Al Baraka Bank Egypt, part of the Bahraini Al Baraka Group, is targeting a 20 percent growth in customers’ deposits with 2016, chairman Ashraf El-Ghamrawy announced Tuesday.

At end of September 2015, the bank’s portfolio of customers’ deposits stood at 24.907 billion Egyptian pounds (US$ 3.2 billion).

El-Ghamrawy further told Amwal Al Ghad that the bank plans to issue distinguished saving certificates to achieve the targeted growth.

Al Baraka Bank Egypt awaits the central bank’s approval to launch a three-year saving certificate with a monthly return, the banking official stated.

Additionally, the bank also aims to boost its funding in Egypt by 15 percent, by expanding in supporting the country’s vital sectors such as electricity and petrochemicals, he added. At September-end, Al Baraka’s funding in Egypt hit 8.716 billion pounds.