Al Baraka Bank Egypt, a subsidiary of Bahrain-based Al Baraka Banking Group (ABG), has posted a 41 per cent increase in net income for the first nine months of the year to $24 million.

The total assets also increased by 15 per cent, financing and investments by 13 per cent, customer deposits by 14 per cent and shareholders' equity by nine per cent at the end of September compared with the end of last year, said a report in the Gulf Daily News (GDN), our sister publication.

The total income for the period was approximately $183 million, increasing by 17 per cent compared with the same period last year.

On the balance sheet side, total assets of Al Baraka Bank Egypt as at the end of September saw an increase of 15 per cent compared to the end of last year.

Total financing and investments portfolio grew by 13 per cent.

Customer deposits grew by 14 per cent as of end-September compared with the end of last year.

The bank's equity increased by 15 per cent over the same period.

“Political transitions continued in Egypt during the year, which created gradual stability in the banking, investment and business environment,” Al Baraka Bank Egypt chairman and Al Baraka Banking Group president and chief executive Adnan Ahmed Yousif said.

Yousif said during the period under review, the bank continued its branch expansion with the number of branches at the end of September reaching 28. - TradeArabia News Service