ABG Egypt unit income surges 21pc

Al Baraka Bank Egypt, a subsidiary banking unit of Al Baraka Banking Group (ABG) and its investment arm in Egypt, announced that net income jumped by 21 per cent in first quarter of this year, compared with the same period last year.

Total assets also increased by 5pc, financing portfolio by 4pc, customer deposits by 5pc at the end of March 2015 compared with December end 2014, which reflects the strong performance of the bank, the soundness and solidity of its financial resources and wide and strong customer deposits base.

Total operating income stood at $33 million, increasing by 31pc.

After deducting operating expenses and provisions, net income for the first quarter of this year reached $8.5m, increasing remarkably by 21pc compared to the first quarter of 2014.

On the balance sheet side, total assets of Al Baraka Bank Egypt stood at $3.1 billion as at the end of March 2015, an increase of 5pc compared with the end of 2014.