Al Baraka Bank Targets to Raise Deposits To EGP 16.5 Bln In 2013

Al Baraka Bank of Egypt targets to increase the deposit portfolio by 15% to reach EGP 16.5 billion by the end of 2013, compared to EGP 14.5 billion at the end of 2012.

Sources revealed to Amwal Al Ghad that the bank will increase the deposits through launching new savings pools as the lender has recently launched local-currency Al Baraka Sukuk this month and plans to launch a new savings pool in order to encourage individuals to convert their foreign-currency funds to the Egyptian pound so as to address the dollar shortage.

The bank also aims at launching golden, silver and bronze Islamic cards in Q1 of 2013. The bank targets to raise capital from EGP 700 million to EGP 1 billion during the next two years through injecting part of its profit to the capital.

The financial statements showed that the bank’s net profit surged to EGP 135.7 million at the end of 2012, compared to EGP 100.1 million at the end of 2011, registering an increase of EGP 35.6 million (35.6%).

The value of the bank’s assets reached EGP 16.778 billion at the end of 2012, compared to EGP 14.851 billion at the end of 2011, registering an increase of EGP 1.92 billion (12.9%).