Al Baraka Egypt Bank posted a 43 percent drop in net profit for the first quarter compared with the same period a year earlier, it said in a statement published by the Egypt stock exchange. The Cairo-based Islamic bank, in which Bahrain's Al Baraka Banking Group (ABG) has a controlling stake, said net profit in the first three months of 2011 fell to 25 million Egyptian pounds from 44 million in 2010. Assets stood at 13.8 billion Egyptian pounds, up from 13.7 billion pounds the year before.
