Al Baraka Bank – Egypt 2015 net profit up 18%

Al Baraka Bank – Egypt, part of the Bahraini Al Baraka Group, reported an 18 percent rise in 2015 net profit, the lender announced Sunday.

Net profit hit 265 million Egyptian pounds (US$33.8 million) by the end of 2015.

Additionally, the lender’s total budget surged 30 percent to 28.9 billion pounds by end of 2015.

Customers’ deposits hiked 35 percent to 25.4 billion pounds.

During the first half of 2015, the global rating agency Standard & Poor’s (S&P) re-affirmed the banking group’s rating of BB+ (long term) and B (Short term), upgrading the Outlook to Stable. S&P commented that ABG’s business position is strong, reflecting superior geographic diversification in earnings compared with its peers as well as the competitive benefits its derives from its Islamic banking status. The bank’s strategy is driven by its growth and the risks are mitigated by the quality of management and knowledge of its key markets. S&P added that the bank’s financing book is highly granular and ABG displays resilience in its asset quality.