Latest news with #HazemHegazy
Zawya
13-05-2025
- Business
- Zawya
Al Baraka Bank-Egypt delivers $19mln profits in Q1-25
Cairo – Al Baraka Bank-Egypt delivered robust financial performance during the first quarter (Q1) of 2025, according to its standalone financial statements. Net profits after tax reached EGP 959 million, marking a 73% year-on-year (YoY) leap. This performance led to a 47% rise in total operating income, which recorded EGP 2.16 billion as of 31 March 2025. The bank generated 35% YoY higher net revenue from funds at EGP 1.81 billion in Q1-25, posting a 164% hike in net income from fees, commissions, and other operating income, which reached EGP 357 million. Total assets rose by 5.10% to EGP 134.30 billion by the end of March 2025, compared to the end of 2024. Customer deposits grew by 5.60% to EGP 112.60 billion. Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, stated: 'The well-balanced performance across all indicators reflects our deep commitment to a vision that empowers individuals and enhances business competitiveness through innovative banking solutions." "It also reaffirms our position as a financial institution striving to be an active partner in driving the Egyptian economy forward,' Hegazy added. In 2024, Al Baraka Bank-Egypt's consolidated net profits hit EGP 3 billion, up from EGP 2.21 billion a year earlier. Source: Mubasher
Zawya
06-05-2025
- Business
- Zawya
Al Baraka Bank Egypt expands its network with two new branches in Sheikh Zayed and New Cairo
Cairo – As part of its ongoing commitment to expanding its geographic footprint and offering high-quality banking services, Al Baraka Bank Egypt has announced the opening of two new branches in SODIC West Town in Sheikh Zayed and SODIC East Town in New Cairo. This brings the total number of the bank's branches across Egypt to 42. These openings come in line with the bank's ambitious strategy to strengthen its branch network and increase its presence in dynamic and fast-growing communities. The aim is to meet the evolving needs of its expanding client base while offering a more efficient and seamless banking experience. The inauguration ceremonies were attended by Mr. Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, alongside members of the executive committee, including Mr. Abdel Aziz Samir, Deputy CEO for Consumer Banking; Mr. Mostafa El Aroussy, Deputy CEO for Investment and Corporate Banking; Mr. Karim Namek, Chief Financial Markets Officer; Mr. Moataz El Kasaby, Chief Operating Officer; and Mr. Hesham Abdel Salam, Chief Financial Officer. In parallel, Al Baraka Bank Egypt is preparing to open three additional branches this year, aiming to reach 45 branches by the end of 2025. The bank also plans to introduce two digital branches (e-branches) as part of its broader digital transformation strategy and efforts to expand smart service channels. Commenting on the occasion, Mr. Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, stated: "The opening of these two branches marks another milestone in our strategic expansion journey and reinforces our commitment to delivering advanced and diverse banking services that meet our customers' expectations. We are consistently working to better understand and address the needs of individuals and businesses, and we will continue to expand in strategic locations to support both community and economic development, in line with the Central Bank of Egypt's vision to promote financial inclusion." This geographical expansion reflects Al Baraka Bank Egypt's comprehensive vision of providing inclusive banking services that enhance quality of life and support business growth. The opening of the two new branches stands as a practical step in this direction, underscoring the bank's dedication not only to proximity through physical presence but also to delivering a distinguished banking experience based on quality and a wide range of financial solutions.
