Al Baraka Bank Raises Capital By EGP 300 Mln In FY 2012/13

Al Baraka Bank Egypt targets to increase its issued and paid-up capital by EGP 300 million to register EGP one billion by the end of the current fiscal year.

Ashraf El-Ghamrawy, CEO of the bank, told Amwal Al Ghad that this capital increase will be covered through injecting shareholders’ profit. This move came as the bank plans to strengthen the capital base in order to comply with Basel III regulations and to increase the lending limits for each customer.

Al Baraka Bank Egypt targets to increase the volume of its deposits by EGP 2 billion to register EGP 15 billion by the end of the current year through offering a number of sharia-compliant savings instruments such as the Investment Account with daily return, Al Baraka Dollar Sukuk and Al Baraka Egyptian Pound Sukuk with term of 10 years.

Al Baraka Bank Egypt achieved net profit of EGP 67.821 million in the first half of 2012, up from EGP 66.446 million in the first half of 2011, with an increase of 2.1%.