Al Baraka Bank Egypt, a subsidiary banking unit of Bahrain-based Al Baraka Banking Group (ABG) and its investment arm in Egypt, announced that net income jumped by 36.1 per cent in 2014 compared to the previous year.

Total assets increased by 22.1 per cent, financing portfolio by 20.9 per cent, customer deposits by 21.2 per cent at the end of December 2014 compared to the end of 2013, despite the current conditions of the Egyptian economy, which reflects the strong performance of the bank, the soundness and solidity of its financial resources and wide and strong customer deposits base, reported the Gulf Daily News, our sister publication.

The bank's financial statements for 2014 show that the total income stood at 1.8 billion Egyptian pounds ($252 million), increasing by 17.8 per cent compared to 2013. After deducting operating expenses and provisions, net income for 2014 reached 225.5 million Egyptian pounds ($31.6 million), increasing remarkably by 36.1 per cent compared to 2013.

Total assets stood at 22.3 billion Egyptian pounds ($3.1 billion) as at the end of 2014, an increase of 22.1 per cent compared to the end of 2013. Total financing and investments portfolio grew by 22 per cent to reach 19.4 billion Egyptian pounds ($2.7 billion) by the end of 2014. Customer deposits including IAH reached 18.8 billion Egyptian pounds ($2.6 billion), growing by 21.2 per cent. The bank's equity increased by 14 per cent to 1.3 billion Egyptian pounds ($182m) as at the end of December 2014.

"The Egyptian economy saw gradual stability and improvement and growing return of business confidence, which is reflected positively on the banking and investment environment and the economy. The bank was able to achieve distinguished operating and earning results during 2014," Al Baraka Bank Egypt board of directors chairman and ABG president and chief executive Adnan Ahmed Yousif said.

He emphasised that the bank during 2014 continued its ambitious branch expansion and geographical spread policy. The bank had 28 branches at the end of 2014 and there are four new branches under construction in the areas of New Cairo, the Pyramid, Zamalek and Sheikh Zaid.

"The bank has an integrated range of savings products and the structure of the deposit is characterised by a broad base of the household sector with stable savings and that means the huge confidence by customers in the bank," the bank's board of directors vice-chairman and chief executive Ashraf El Ghamrawy said.

"The continued achievement of excellent income and business results by the bank came as a direct result of the improvement in all performance indicators, quality of service provided to clients and the balanced policy that the bank follows to maintain moderate and acceptable risk levels, backed by focusing on ambitious strategy and the application of international standards," he said.

ABG is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges.

It is a leading international Islamic banking group providing its services in countries with a population totalling around 1 billion.

The authorised capital of Al Baraka is $1.5 billion, while total equity is at about $2 billion.

The group has a wide geographical presence in the form of subsidiary banking units and representative offices in 15 countries, providing services through more than 550 branches.

Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq and Saudi Arabia, including two representative offices in Indonesia and Libya. – TradeArabia News Service