Cairo – Mubasher: Al Baraka Bank-Egypt generated EGP 2.21 billion in consolidated net profit during the first nine months (9M) of 2024, higher than EGP 1.60 billion in 9M-23, according to the financial results.
The lender posted net income from funds valued at EGP 4.39 billion in 9M-24, an annual hike from EGP 3.23 billion. Basic earnings per share (EPS) increased to EGP 2.66 from EGP 1.88.
Total assets jumped to EGP 125.65 billion as of 30 September 2024 from EGP 100.36 billion at the end of December 2023, while the customers’ deposits hiked to EGP 106.33 billion from EGP 84.17 billion.
Standalone Results
Non-consolidated net profit after tax reached EGP 2.22 billion in the January-September 2024 period, up year-on-year (YoY) from EGP 1.60 billion.
Al Baraka Bank-Egypt reported net interest income amounting to EGP 4.38 billion in 9M-24, compared to EGP 3.23 billion a year earlier. Meanwhile, the EPS climbed to EGP 2.66 from EGP 1.88.
Financials for Q3-24
In the third quarter (Q3) of 2024, the bank’s consolidated net profits widened to EGP 888.19 million from EGP 584.67 million in Q3-23, while the net income surged to EGP 1.53 billion from EGP 1.05 billion.
As for the standalone results, the net profits enlarged to EGP 888.81 million from EGP 586.99 million, whereas the net interest income soared to EGP 1.52 billion from EGP 1.05 billion.
Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank-Egypt, commented: "This showcases our concept of sustainability, focusing on enhancing the customer experience and, consequently, increasing their trust in Al Baraka Bank Egypt, as well as creating new investment and financing opportunities."
In the first half (H1) of 2024, the consolidated net profits after tax hit EGP 1.33 billion, whereas the standalone net profit after tax amounted to EGP 1.33 billion.
