Al Baraka Bank Egypt targets boosting current paid-up capital - estimated at EGP 895 million- to one billion Egyptian pounds (US$127.6 million) at the end of 2015, chief executive Ashraf El-Ghamrawy said Wednesday. El-Ghamrawy stated that the bank has got ordinary committee's approval to raise the authorized capital to two billion Egyptian pounds. Al Baraka Bank Egypt has a five-year plan to increase its capital to two billion Egyptian pounds. The official noted that Al Baraka Bank Egypt aims at pumping one billion Egyptian pounds in Suez Canal Corridor Development project and Shark El Tafreaa port in Port Said government. Al Baraka Bank Egypt's total volume of Murabaha, Mudaraba and Musharka for customers recorded 8.534 billion Egyptian pounds at the end of June 2015 compared to 8.462 billion Egyptian pounds at the end of 2014. Bank's net profit after taxes reached 140.291 billion Egyptian pounds at the end of 2015 opposed to 108.985 billion Egyptian pounds at the end of 2014. The total assets of Al Baraka Bank Egypt hit 24.555 billion Egyptian pounds at the end of June 2015 compared to 22.279 billion Egyptian pounds at the end of 2014, registering EGP2.27 billion increase.
