Cairo – Mubasher: Egypt’s Al Baraka Bank reported a decrease of 58.41% in net profits for the second quarter of 2016.
The lender said it recorded net profits of EGP 31.99 million ($3.59 million) for the Q2-2016, down from EGP 76.92 million a year earlier.
As for the first half of 2016, the company’s net profits rose to EGP 159.39 million ($17.91 million), from EGP 140.29 million ($15.76 million) for the same period a year earlier.
Al Baraka’s deposits grew to EGP 29.578 billion in H1-2016, from EGP 25.351 billion in the previous year up by 16.67%.
The loans also grew by 6.62% to EGP 187.02 million in the first half of 2016, compared with EGP 175.41 million for the comparable period of the previous year.
