Financial Services provider, Al Baraka Bank has announced exceptional performance results for the second quarter of 2024, reporting a 31% year-on-year (YOY) increase in net profit after tax, reaching EGP 1,336 million. This growth underscores the successful execution of the bank’s strategy to expand its footprint in the Egyptian banking sector and enhance its Sharia-compliant product offerings.
The bank’s standalone financial statements reveal significant growth across all key metrics for the period ending June 30, 2024. Net interest income surged by 31% YOY to EGP 2,853 million, while customer deposits grew by 24.8% to EGP 106 billion. Additionally, the bank’s net profit margin improved to 5.6%, up from 5.2% in the same period last year.
“We take pride in our outstanding performance during the second quarter of 2024,” said Hazem Hegazy, CEO of Al Baraka Bank. “This achievement reflects our unwavering commitment to providing the best products and services to our customers, as we strive for sustainable growth,” he added.
Al Baraka Bank’s strategic focus on digital transformation, innovation, and customer-centric services has driven its strong performance. The bank’s total assets reached EGP 124.6 billion, reflecting a 24% growth compared to the end of 2023. There have been significant increases in retail and corporate financing.
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