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Egypt-based financial services provider Al Baraka Bank Egypt has suffered a single-digit reduction in earnings in the first nine months of 2021, as standalone net profit fell below $65 million.
Compared to last year’s figures, the group’s consolidated net profit declined by nine percent from EGP1.13 billion ($71.8 million) in the first nine months of 2020 to EGP1.02 billion ($64.8 million) at the end of Q3 2021, as operating rigidities spurred by the COVID-19 pandemic pressured profitability.
Meanwhile, its standalone net profit decreased by nearly eight percent to EGP1.03 billion ($65.5 million) in the nine-month period, compared to the EGP1.12 billion ($71.2 million) recorded for the same period last year.
Al Baraka Bank Egypt SAE is an Egypt-based commercial bank providing retail, corporate and investment banking solutions in accordance with Islamic Sharia principles. It operates under the leadership of Hazem Hussien Rashad Hegazy, the bank’s deputy chairman and CEO.
It operates as a member of Al Baraka Banking Group, a Bahraini joint-stock company founded by the late Saudi billionaire businessman Saleh Abdullah Kamel, who died on May 18.
Since the bank was founded in 1980, it has grown into a leading financial services provider in Egypt with a network of 32 branches located across the country.
Its authorized capital amounts to $1.5 billion, while the total value of its shareholders’ equity is approximately $2 billion.
As of press time, the share price of the Egypt-based financial services was EGP13.7, 4.5-percent higher than its opening price on the exchange.
