Al Baraka Egypt unit's net income rises 36pc

Al Baraka Bank Egypt, a subsidiary banking unit of Bahrain-based Al Baraka Banking Group (ABG) and its investment arm in Egypt, announced that net income jumped by 36.1 per cent in 2014 compared to the previous year.

Total assets increased by 22.1pc, financing portfolio by 20.9pc, customer deposits by 21.2pc at the end of December 2014 compared to the end of 2013, despite the current conditions of the Egyptian economy, which reflects the strong performance of the bank, the soundness and solidity of its financial resources and wide and strong customer deposits base.

The bank's financial statements for 2014 show that the total income stood at 1.8 billion Egyptian pounds ($252 million), increasing by 17.8pc compared to 2013. After deducting operating expenses and provisions, net income for 2014 reached 225.5m Egyptian pounds ($31.6m), increasing remarkably by 36.1pc compared to 2013.

Total assets stood at 22.3bn Egyptian pounds ($3.1bn) as at the end of 2014, an increase of 22.1pc compared to the end of 2013. Total financing and investments portfolio grew by 22pc to reach 19.4bn Egyptian pounds ($2.7bn) by the end of 2014. Customer deposits including IAH reached 18.8bn Egyptian pounds ($2.6bn), growing by 21.2pc. The bank's equity increased by 14pc to 1.3bn Egyptian pounds ($182m) as at the end of December 2014.