Cairo – Mubasher: Al Baraka Bank – Egypt has received the Egyptian Financial Regulatory Authority’s (FRA) approval to increase its authorised capital to EGP 1.855 billion from EGP 1.546 billion.
The bank’s capital will be raised by EGP 309.289 million to be financed from shareholders’ dividends as per the financial position as of 31 December 2019, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
It is noteworthy that during 2019, Al Baraka Bank – Egypt reported net profits of EGP 1.07 billion from EGP 1.003 billion a year earlier, including minority shareholders’ rights.
