Albaraka unit income rises to $59m
Manama, December 18, 2008
Banque Albaraka D'Algerie saw operating income rise to $59.38m in the first nine months of the year compared to $39.78m for the same period of last year.
This is an increase of 49 per cent which reflects the growth in income-generating assets.
At the same time, operating expenses dropped by 2pc to $14.71m.
This, in turn, reflects the bank's success in controlling operating costs leading to a fall in the operating expenses to operating income ratio from 38pc for the first nine months of 2007 to 25pc.
Net operating income increased by 80pc from $24.81m to $44.67m.
The assets of the bank increased by 39pc to $1.1 billion compared to $791.47m during the same period of last year.
Banque Albaraka D'Algerie is a subsidiary banking unit of the Bahrain-based Albaraka Banking Group.
'The results of Banque Albaraka D'Algerie are a proof of the success of the business model of Albaraka Banking Group of which Banque Albaraka D'Algerie is a key member,' said Albaraka Banking Group president and chief executive and Banque Albaraka D'Algerie chairman Adnan Ahmed Yousif.
'Our business model has proved that it was able to continue achieve successes and excellence in spite of the difficult economic and financial conditions that the world, including our Arab region, is going through.
'We thank the senior management and all employees of the bank for achieving these excellent results with the continuous help that the Albaraka Group extends to all of its subsidiaries.'-TradeArabia News Service