alBaraka Bank Among Forbes Middle East's Annual of Top 50 Listed Companies in Egypt 2023
First bank
Forbes has announced the inclusion of alBaraka Bank Egypt in its annual Forbes list of top 50 companies in Egypt for 2023. alBaraka Bank secured the 23rd position with a market value of $196 mn, sales of $285 mn, net profit of $57 mn, and total assets of $2.8 bn.
The bank provides Sharia-compliant financial services through 33 branches, employing over 1,000 staff members. In 2022, the bank's net profit increased by 55.3% compared to 2021, reaching $57 mn.
By the end of 2022, the bank raised its authorized capital from $60 mn to $164.5 mn, alBaraka Group, headquartered in Bahrain, is the main shareholder of alBaraka Bank Egypt with a stake of 73.7%.
Hazem Hegazy, Deputy Chairman and CEO of Al Baraka Bank, stated that this recognition confirms the bank's strategic plan and the efforts of its employees, supporting its position in the Egyptian banking market.
