Al Ghamrawi: Baraka Egypt’s Growth Rates Raise by 20%

Ashraf Al Ghamrawi, CEO of Baraka Bank Egypt, talked about the estimated budget of his bank during 2012 which aims increasing the interests’ rates with 20%; explaining that the volume of the bank deposits portfolio reached EGP 12.6 billion in Q1, aiming 12% increase by the end of 2012. But the credit portfolio registered EGP 7 billion during the same period.

In his statements on the sidelines of Union of Arab Banks conference started today, Al Ghamrawi added that the total Portfolio of retail banking reached EGP 1.2 billion last March. The bank aims to increase them by EGP 400 million to reach EGP 1.6 billion by the end of 2012.

He mentioned that the bank during the coming period will present a number of retail banking products; the most prominent are the golden, silver and bronze Baraka cards, in addition to presenting Islamic Sukuk from 3 to 7 years.

The CEO added that his bank aims during 2012 to expand in financing the SMEs and achieving growth rates with 15% of the total portfolio EGP 1 billion last March. He asserted that the bank has signed the first Islamic contract with the social fund via funds granted by IMF which reached EGP 100 million.