Al Baraka Egypt Eyes 20% Profit Increase In 2013
Al Baraka Bank of Egypt targets to raise profits by 20% this year, after achieving profit of EGP 135.7 million at the end of 2012.
The bank has set an expansion plan to increase its branches by five to reach 30 branches during this year, said Ashraf El-Ghamrawy, CEO of the bank.
The bank also targets to increase deposit portfolio by 15% to reach EGP 16.5 billion at the end of 2013, compared to EGP 14.5 billion at the end of 2012, he added.
El-Ghamrawy revealed that the bank has launched local-currency Al Baraka Bank sukuk last month and plans to launch a new savings pool that aims at encouraging individuals to convert their dollars to the Egyptian pound in order to strengthen the bank’s dollar liquidity.
The bank plans to expand in offering finances to companies, most notably in commercial, food industries, fertilizers, communications, gas and industry sectors.
