AL BARAKA BANK EGYPT
SAUD
Banking and FinancePositive News
Al Baraka Bank-Egypt Posts Stellar Q1 2024 Profits Amid Deposit Surge
Al Baraka Bank-Egypt's Q1 2024 profits surge with strong deposit growth, though EPS declines slightly.
May 14, 2024 at 1:59:00 PMScore: 88
Al Baraka Bank-Egypt reported a consolidated net profit of EGP 553.27 million for Q1 2024, marking a significant year-on-year increase from EGP 445.68 million. Customer deposits climbed to EGP 94.03 billion, up from EGP 84.92 billion at the end of 2023. Basic earnings per share (EPS) dipped slightly to EGP 0.66 from EGP 0.49 in Q1 2023. Total assets surged to EGP 112.98 billion, compared to EGP 100.36 billion in December 2023. Standalone net profit rose to EGP 555.01 million from EGP 444.03 million in the same period last year. In 2023, consolidated net profit grew to EGP 2.21 billion from EGP 1.74 billion in 2022.
Recommended Actions
- Consider buying shares if aligned with long-term strategy.
- Monitor EPS trends for profitability clues.
- Evaluate deposit growth impact on liquidity.
- Compare performance with regional banking peers.
- Review debt levels and asset quality in full reports.
Positive Aspects
- 24% YoY profit increase
- 10.8% deposit growth
- 12.6% asset expansion
- Consistent standalone profit rise
Negative Aspects
- EPS decline despite profit growth
- Potential concerns over profitability sustainability
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