The Egyptian Saudi Finance Bank, a subsidiary of Bahrain-based Albaraka Banking Group (ABG), has registered an increase of 23.6 per cent in total income during the first quarter compared to the same period last year.

The bank also made a profit of 33.78 million Egyptian pounds ($6 million) despite the repercussions of the global financial crisis and its adverse impact on the Egyptian economy and many of the major business sectors.

The profit exceeds the target set for the first quarter by almost 7 per cent.

The bank's financial statements showed that total income amounted to 231 million pounds, an increase of 44.2m pounds compared to the income in the first quarter last year, representing a growth of 23.6 per cent.

The commission received and miscellaneous income amounted to 17 million pounds during the first quarter, representing 7 per cent of the total income, in spite of the severe competition among banks which led to significant reductions in commissions.

In a bid by banks to retain good customers and attract new customers of high credit rating, commissions were substantially reduced to the extent that in some cases it was only just enough to cover the actual costs.

The total assets of the Egyptian Saudi Finance Bank amounted to 11.18 billion pounds at the end of March, compared to 10.51 billion pounds for the same period last year, an increase of 0.67 billion representing a growth of approximately 6.5 per cent.

Total financing and investments amounted to 9.94 billion pounds, compared to 9.42 billion pounds for the same period of last year, an increase of 0.52 billion pounds representing a growth of 5.5 per cent.

Customer deposits amounted to 9.40 billion pounds, compared to 8.87 billion pounds in first quarter last year, an increase of 0.53 billion, a growth of 6 per cent.

Free market resources amounted to of $200 million from banks, customers, exporters and tourism companies.

This enabled the bank to open documentary letters of credit and process collection bills in an amount of 1.07bn pounds, which reflects the high quality of the services that the bank extends to its customers.

Chairman of the board of directors of the Egyptian Saudi Finance Bank ABG president and chief executive Adnan Ahmed Yousif praised the excellent financial results achieved by the bank, stressing that the bank has strengthened its presence in the Egyptian market.

Yousif said the Egyptian Saudi Finance Bank, which will shortly be re-named Albaraka Islamic Bank Egypt, was able to strongly assert itself as a leading Islamic bank in Egypt in just few years.

The bank was able to attain such status in such a short period thanks to the range and quality of its services designed to meet the needs of different sectors of the Egyptian market.

Bank chief executive officer and managing director Ashraf El Ghamrawi said the "bank has achieved good results in accordance with the ambitious strategy which was approved by the board of directors and the policies pursued by the executive management of the bank, especially in terms of expanding its branch network."

"We intend to open six new branches in the near future, bringing the number of branches to 24 apart from the money changing bureaus," he added.

The bank currently operates from 18 branches in Egypt in addition to four money exchange bureaus in Greater Cairo and the city of Hurghada.-TradeArabia News Service