Net income of Al Baraka Banking Group up by 10 percent
The Bahrain based leading Islamic banking group, Al Baraka Banking Group B.S.C (ABG) announced that it has achieved a net income of $183 million in the first nine months of 2012, an increase of 10 percent on the net income achieved in the first nine months of 2011.
Copyright Business Recorder, 2012
Similarly, the financial positions statement witnessed good increases. Total assets increased by seven percent, investments and financing portfolio by 13 percent, deposits by 7 percent and total equity by 7 percent as at the end of September 2012 as compared with the end of December 2011. These results affirm the continuation of the Group's excellent financial performance based on the prudent business strategies, by which, the Group was able to overcome the negative effects of global and regional economic and political conditions and to further expanding of business, branch network and to enter new markets.
The financial statements of the Group for the nine months of 2012 showed that the continued expansion in business reflected positively on income, with total operating income of US $643 million in the first nine months of 2012, a large increase of 20 percent over the same period in 2011. After deducting all operating expenses, net operating income amounted to $311 million in first nine months of 2012, which represents a significant increase of 23 percent compared to the net operating income during the same period of 2011. The net income amounted to $183 in first nine months of 2012 compared to $166 million in first nine months of 2011, which reflects an increase of 10%. The net income attributable to equity holders of the parent amounted to $107 million, an increase of 10% compared to the same period last year. This increase was achieved despite the significant increases in the operating expenses of the Group by 17 percent on account of further expansion in the branch network, and enhancements in IT infrastructure and human resources.
The total assets of the Group amounted to US $18.4 billion as at the end of September 2012, an increase of 7 percent over the comparative figure as at the end of 2011. Financing and investments amounted to $13.4 billion as at the end of September 2012, representing an important increase of 13 percent compared to the end of December 2011 as a result of expansion in businesses.
Customer deposit and other accounts and equity of investment account-holders have also witnessed a good increase of 7 percent from $14.7 billion at the end of December 2011 to US $15.7 billion at the end of September 2012, which indicates continued customer confidence and loyalty to the Group. Total equity at the end of September 2012 amounted to US $1.9 billion, growing by 7 percent compared to the end of December 2011.-PR