Cairo – Mubasher: The consolidated financial statements of Al Baraka Bank – Egypt showed a slight drop in its net profits during the first quarter of 2020.
The bank’s net profits inched down to EGP 264.24 million in the January-March period, compared to EGP 266.28 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Thursday.
Meanwhile, net interest income increased to EGP 562.18 million in Q1-20 from EGP 494.33 million in Q1-19.
As for standalone business, the bank reported net profits of EGP 260.39 million in the three-month period ended on 31 March, compared to EGP 266.28 million in the corresponding period a year earlier.
It is noteworthy to mention that in 2019, the lender’s net profits grew to EGP 1.07 billion from EGP 1.003 billion in the prior year, including minority shareholders’ rights.
