alBaraka Bank Net profits grow by 28%, reaching EGP1.61 bn At 9M-2023

The separate financial statements of alBaraka Bank Egypt, disclosed recently on the official website of the Egyptian Stock Exchange, reveal a 28.05% increase in its net profits, totaling EGP1.607 bn during the first 9 months of 2023, compared to EGP1.255 bn during the same period in 2022, reflecting a EGP352 mn increase.  

The bank also achieved pre-tax profits amounting to EGP 2.43 bn, showing a growth rate of 32% during the first 9 months of 2023, as opposed to EGP 1.84 bn during the same period in 2022.  

This increase is supported by a rise in net income from realized returns during the period, reaching EGP3.2 bn with a growth rate of 30%. Additionally, the bank achieved a net profit margin of 5.1% during the financial period ending on September 30, 2023, compared to 4.4% during the same period last year.