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Increase of Lit 700 million in Al Baraka syndicated loans at the end of the third quarter



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Rady Abdel Bari:


Posted in:
Saturday, November 10, 2018 – 07:14 a.m.
| Last update:
Saturday, November 10, 2018 – 07:14 a.m.

The syndicated loan portfolio of Al Baraka Egypt Bank at the end of the third quarter of 2018 increased by £ 700 million to £ 2.7 billion against £ 2 billion at the end of 2017.
The delinquent debt portfolio at Al Baraka Bank of Egypt fell 14.8% during the first nine months of this year.
The bank's portfolio of defaulted debts amounted to GBP 880 million in September, accounting for 5.1% of the total credit portfolio, compared to LE 1,033 billion in December 2017, 6.5% of total credit.
Murabaha's net portfolio, stocks and net speculation increased 9.4% to 13.8 billion pounds in September from 13.8 billion in December 2012. Customer deposits increased 19% to 52, 5 billion Auctions, compared with 44.17 billion Auctions.
In the first nine months of this year, Al Baraka Bank reported a net profit of 18.3%, reaching 632.4 million pounds, compared to 534.7 million pounds in the same period last year.
On the other hand, the Bank has recently obtained all licenses and special approvals for the launch of a new investment entity, a holding company with a capital of 200 million pounds.
Ashraf Al-Ghamrawi, the bank's chief executive, said earlier that the bank will hold its first meeting in December, with the company starting the market during the first quarter of 2019.
He added that the company will transfer the bank's contributions to the companies to manage them. The bank holds shares in Al-Tawfeek Financial Holding Group of Al-Tawfeek Leasing Company, Egyptian company for the creation and management of shopping centers and Egyptian Takaful Insurance Company.
Last week, the bank adopted its results for the period from January to September 2018, up 18.2% over the same period last year.
The bank reported a net profit of £ 632.427 million in the first nine months of this year, compared to £ 534.731 million in the same period last year.
Operating profit before changes in assets and liabilities from operating activities during the same period was £ 1,226.476 billion compared to £ 990.781 million compared to the same period last year.
Net cash inflows from operating activities in the first nine months of this year totaled 1,946,418 billion pounds compared to 3,360.296 billion pounds during the same period last year.
Net cash inflows from financing activities in the first nine months of this year totaled 230.577 million pounds, compared with 737.432 million pounds during the same period last year.
Cash and cash equivalents totaled 13,303.328 billion pounds over the same period, compared with 93434.125 billion pounds sterling in the same period last year.

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