Al Baraka Bank Egypt records 1.1% surge in first-half profits

Al Baraka Bank Egypt, part of Bahraini Islamic lender Al Baraka Group, reported a 1.1 percent year-on-year growth in its net profits to 543.67 million Egyptian pounds ($34.1 million) during the first half of this year.

Earlier, profits recorded  537.6 million pounds during the first half of 2019.

The bank’s net interest income rose to 1.18 billion pounds during the six-month period ended on 30 June versus 986.27 million pounds during the same period last year, according to a bourse filling.

During the first quarter of 2020, the bank posted net profits worth 264.24 million pounds, down from  266.28 million pounds during the same period of 2019.