The lender’s standalone net profits after tax stood at EGP 555.019 million in Q1 2024
Al Baraka Bank Egypt recorded a 24.2% year-on-year (YoY) jump in its consolidated net profits attributable to the bank for the first quarter (Q1) of 2024, logging EGP 553.295 million, versus EGP 445.661 million, a statement showed.
Net interest income stood at EGP 1.34 billion in Q1 2024, up from EGP 1.053 billion in the same period last year.
The lender’s standalone net profits after tax stood at EGP 555.019 million in Q1 2024, compared to EGP 444.035 million in Q1 2023.
Meanwhile, net interest income grew to EGP 1.337 billion in the three months to March, up from EGP 1.051 million in the prior-year quarter.
Established in 1980, Al Baraka Bank offers retail, corporate, treasury, and investment banking services that are applied in accordance with the principles of Islamic Sharia. It contributes to the finance of small and medium enterprises (SMEs).
Source:Zawya
