Al Baraka Egypt posts 57% H1 net profit increase

17 August 2010

Al Baraka Egypt Bank has posted a 57% increase in first-half net profit to EGP65.6m ($11.5m), Reuters has reported. The Shari'ah-compliant lender, in which Bahrain's Al Baraka Banking Group (ABG) has a controlling stake, revealed in May its net profit had more than tripled in the first quarter to EGP44m. The bank is expected to buy a stake in Malaysia's Bank Muamalat by the end of 2010 and also plans to open a representative office in Libya.

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