Al Baraka Bank Egypt, a subsidiary banking unit of Al Baraka Banking Group (ABG) and its investment arm in Egypt, announced that net income jumped by 21 percent in first quarter of this year, compared with the same period last year. Total assets also increased by five percent, financing portfolio by four per cent, customer deposits by five percent at the end of March compared with December end 2014, which reflects the strong performance of the bank, the soundness and solidity of its financial resources and wide and strong customer deposits base, said a report in the Gulf Daily News (GDN), our sister publication. Total operating income stood at $33 million, increasing by 31 percent. After deducting operating expenses and provisions, net income for the first quarter of this year reached $8.5 million, increasing remarkably by 21 percent compared to the first quarter of 2014. On the balance sheet side, total assets of Al Baraka Bank Egypt stood at $3.1 billion as at the end of March 2015, an increase of 5 percent compared with the end of 2014. Total financing and investments portfolio grew by four percent to reach $2.6 billion by the end of March this year. Customer accounts reached $2.7 billion, growing by five percent at the end of March this year compared with the end of 2014. "We are glad to see the steady growth in businesses and profits of Al Baraka Bank Egypt," Al Baraka Bank Egypt chairman and ABG president and chief executive Adnan Ahmed Yousif said. "Al Baraka Bank Egypt was able to firmly establish itself as an outstanding Islamic bank in the banking sector in Egypt in a short timeframe." "The continued achievement of excellent income and business results by the bank came as a direct result of improvement in all performance indicators, quality of service provided to clients and the balanced policy that the bank follows to maintain moderate and acceptable risk levels," vice-chairman Ashraf El Ghamrawy said.
