Cairo – Mubasher: Al Baraka Bank Egypt on Tuesday reported a 41.5% year-on-year surge in profits for 2017 due to a growth in Murabaha returns.
Net profit stood at EGP 725.25 million in 2017, up from EGP 512.4 million a year earlier, the bank highlighted in a filing to the Egyptian Exchange (EGX).
Net income increased to EGP 1.5 billion in 2017, versus EGP 1.15 billion the year before.
Murabaha return climbed to EGP 5.1 billion last year, from RGP 3.3 billion in 2016.
Al Baraka Bank generated profits totalled EGP 218.7 million in the third quarter of 2017, up from EGP 132.56 million in the corresponding period in 2016.
