January 7, 2022

Al Baraka Bank Egypt eyes injecting EGP 1.6B into SMEs portfolio

ArabFinance: The volume of Al Baraka Bank Egypt’s (SAUD) small- and medium-sized enterprises (SMEs) portfolio recorded EGP 3.6 billion at the end of December 2021, Al Mal Newspaper reported, citing the bank’s CEO Hazem Hegazy.

The SMEs portfolio is targeted to reach EGP 5.26 billion by the end of 2022, Hegazy added.

Moreover, he said that the bank’s total financing portfolio rose to EGP 23 billion at the end of December 2021, versus EGP 21 billion at the end of September 2021.

Meanwhile, the bank’s deposits portfolio stood at EGP 68 billion at the end of December 2021, he said, noting that it is projected to reach EGP 73.5 billion this year.

On Monday, Al Baraka Bank Egypt announced that its board of directors has approved the bank’s estimated budget for 2022, targeting a net profit of EGP 1.41 billion for 2022.

Al Baraka Bank is an Egypt-based commercial bank and part of Al Baraka Banking Group, a Bahraini joint-stock company.

The bank is engaged in the provision of retail, corporate, and investment banking solutions, in accordance with the Islamic sharia principles, through a network of 32 branches located across Egypt.


Categories : banking

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