Al Baraka Bank-Egypt records leap in H1-24 financials; assets hit $2.53bln

PHOTO

Cairo – Al Baraka Bank-Egypt posted consolidated net profits after tax worth EGP 1.33 billion in the first half (H1) of 2024, an annual surge from EGP 777.84 million.

Net interest income reached EGP 2.85 billion in H1-24, up year-on-year (YoY) from EGP 1.51 billion, according to the consolidated financial statements.

During the first six months (6M) of 2024, the basic earnings per share (EPS) grew to EGP 1.60 from EGP 0.94 in H1-23.

Total assets hiked to EGP 124.50 billion in H1-24 from EGP 100.36 billion as of 31 December 2023, while the customers’ deposits enlarged to EGP 105.97 billion from EGP 84.92 billion.

Consolidated Financials for Q2

The EGX-listed lender achieved consolidated profits valued at EGP 1.01 billion in the second quarter (Q2) of 2024, higher than EGP 573.83 million a year earlier. The EPS increased to EGP 1.18 from EGP 0.69.

Additionally, the net interest income hiked to EGP 2.18 billion in Q2-24 from EGP 1.12 billion in Q2-23.

Standalone Results

The standalone net profit after tax increased to EGP 1.33 billion in H1-24 from EGP 781.19 million in the three-month period that ended on 30 June 2023.

Non-consolidated net profits jumped to EGP 1.02 billion in April-June 2024 from EGP 576 million in Q2-23.

As of 31 March 2024, the consolidated net profits after tax of Al Baraka Bank-Egypt amounted to EGP 553.27 million, up YoY from EGP 445.68 million.