Al Baraka Q1 net profit up 15pc

DUBAI: Bahrain-based Islamic lender Al Baraka Banking Group posted a 15-percent increase in first-quarter net income, the bank said on Sunday.

Al Baraka, which has operations across the Middle East, Asia and Africa, said first-quarter net income rose to $66 million from $57 million in the year-ago period, it said in a statement on Sunday. The bank made a total operating income of $233 million in the first quarter of 2013, up 16 percent over same period in 2012, it said.

Chief Executive Officer Adnan Ahmed Yousif told Reuters last month that the bank plans to expand its global footprint with a focus on Africa under a five-year plan that includes investments in Libya and Morocco.