Al Baraka Bank Egypt Eyes EGP 143 Mln Net Profit In 2013

By Administrator On Dec 17, 2012

Al Baraka Bank of Egypt targets to achieve net profit of EGP 143 million in 2013, compared to expected net profit of EGP 135 million at the end of 2012, with a growth rate of 5.9%.

The planning budget for 2013 showed that the bank plans to increase its commercial Murabaha transactions by EGP 275 million (5%) to reach EGP 5.77 billion at the end of 2013, compared to expected Murabaha transactions of EGP 5.50 billion at the end of 2012.

The bank aims at increasing the value of Mudaraba transactions by EGP 38 million (4.9%) to reach EGP 808 million by the end of 2013, compared to expected Mudaraba transactions of EGP 770 million by the end of 2012.

The bank seeks to raise the value of retail Murabaha transactions by EGP 47.5 million (5.54%) to reach EGP 904.5 million by the end of 2013, while the value of retail Murabaha is expected to reach EGP 857 million.

Al Baraka Bank also plans to increase the value of debit balances by EGP 173.5 million (21.8%) to reach EGP 967 million by the end of 2013, compared to expected value of EGP 793.5 million by the end of 2012.

The bank plans to increase the value of fixed assets by EGP 59.4 million (22.7%) to reach EGP 320 million by the end of 2013, compared to expected value of EGP 260.6 million by the end of 2012.

The bank targets to raise its funds and balances held by the Central Bank of Egypt by EGP 247.7 million (3.42%) to reach EGP 7.49 billion by the end of 2013, compared to expected value of EGP 7.24 billion by the end of 2012.

Al Baraka Bank of Egypt’s results for the first nine months of 2012 showed that the bank achieved net profit of EGP 101.8 million at the end of last September, compared to EGP 89.3 million at the end of 2011.