The Banking Executive Magazine - February 2025 Issue

Al Baraka Bank Egypt Al Baraka Bank Egypt RECORDS $59.3MLN CONSOLIDATED PROFITS IN 2024 StanChart said it acquired 265,000 new wealthy clients in 2024, who in total brought in $44 billion of new money, which is 61% higher than a year earlier. It also announced a final dividend of 28 cents per share. StanChart's results mirrored rival HSBC's, which earlier this week reported a 6.6% annual increase in pretax profit, slightly ahead of estimates, with wealth and per- sonal banking profit rising 5.2% from a year ago. However, the market is increas- ingly concerned international banks helping global trade and in- vestment may take a blow from unilateral U.S. tariffs. StanChart said it saw limited pressure on its institutional businesses. "US-China cross border income is relatively small. It's only around 1% of our total corporate and in- vestment banking income,” Win- ters said during call on the earnings, adding the bank was not over-reliant on any one trade and investment corridor. Both StanChart and HSBC are try- ing to grow their fee-based income streams such as wealth manage- ment, to compensate for declining interest income as central bank rate cuts worldwide eat into the margins lenders make. StanChart is also retreating from areas where it lacks scale, particu larly in retail banking in many markets where regulatory costs and competition from local play- ers have made it harder for global banks to muscle in. ISSUE 194 FEBRUARY 2025 the BANKING EXECUTIVE 31 Al Baraka Bank Egypt logged consol- idated net profits attributable to the equity holders valued at EGP 3 bil- lion in 2024, an annual leap from EGP 2.217 billion, as per the finan- cial results. Basic earnings per share (EPS) in- creased to EGP 3.6 last year from EGP 2.6 in 2023, while the net in- come from funds soared to EGP 5.991 billion from EGP 4.374 billion. Total assets hiked to EGP 127.771 billion as of 31 December 2024 from EGP 100.367 billion in end-Decem- ber 2023, while the customers’ de- posits jumped to EGP 106.500 billion from EGP 84.922 billion. Regarding the standalone business, the net profits after tax climbed to EGP 3.011 billion in 2024 from EGP 2.224 billion in 2023, while the net income from funds rose to EGP 5.976 billion from EGP 4.370 billion. The board members recommended the distribution of cash dividends to- taling EGP 620 million, equivalent to EGP 0.85 per share, for 2024, repre- senting 12.18% of the paid-up capi- tal. The dividends payment is subject to the Central Bank of Egypt’s (CBE) approval.