Al Baraka Bank- Egypt Hits 15% Growth Rate in Q1 of 2014

Al Baraka Islamic Bank Egypt  attained 15% average growth rate in various banking activities within the first quarter of 2014 in compared to the same period of the last year, Ashraf El Gamrawy, vice chairman and CEO said.

El Gamrawy has quoted Amwal Al Ghad Arabic’s Website that the bank’s board of directors aims to inaugurate two new branches during the current month, becoming 28 subsidiaries one in Abbasia and the other Saint Fatima, this in the framework of the bank’s schemes for opening 5 fresh branches within the ongoing year, noting the bank targets its branches to become 40 by 2018.

The bank inaugurated 3 branches in 2013, and its subsidiaries became 26 distributing across Egypt, explaining that Al Baraka started preparing the new headquarters of its main center in New Cairo with the latest information technology systems, meanwhile the new banking system ‘Equation’ has implemented after the operating tests have been succeeded El Gamrawy explained.

2013 financial statements of the bank revealed that the total operated income reached EGP696 million, move up by 14%  in compared to 2012 and the net income reached up EGP166 million in 2013, registering 22% increase, the bank’s assets hit EGP18.2 billion increased by 9%, the finance and investments portfolios grew by 8% to become EGP15.9 billion, the total deposit value and the rights of investment accounts owners inched by 8% to up EGP16.1 billion.