Al Baraka Bank – Egypt 2022 pretax profit hits EGP 2.655 bln

Al Baraka Bank – Egypt reported on Sunday profit before tax of 2.655 billion Egyptian pounds ($87.1 million) during 2022, up from 1.746 billion pounds a year earlier.

Net profit recorded 1.755 billion pounds in 2022 from 1.132 billion pounds in 2021, the bank’s financial statements showed.

Total assets also surged 6 percent year-on-year to 87.2 billion pounds at the end of December 2022 from 82.4 billion pounds at the end of December 2021.

The bank’s financing portfolio for the small and medium-sized enterprises (SMEs) inched up 51 percent to 4.6 billion pounds from 1.6 billion pounds a year earlier.