Al Baraka unit's income up 6pc; hits $111m
Manama, March 8, 2012
Al Baraka Bank Algeria, a subsidiary banking unit of Al Baraka Banking Group, saw total operating income increase by six per cent to reach $110.79 million in 2011.
After deducting operating expenses, which went up by 12 per cent, net operating income achieved an increase of 3 per cent to $77.5 million. Net income increased by 18 per cent to reach $51.78 million.
This improvement reflects growth in income from all categories of financing and investment operations.
At the end of 2011, the bank's assets grew by 9 per cent to reach $1.76 billion compared with $1.62 billion at the end of 2010.
In the fourth quarter of 2011, the bank achieved a 29 per cent increase in its net income to reach $10.73 million.
'The bank's performance in 2011 was excellent,' said bank chairman and president and chief executive of Al Baraka Banking Group Adnan Yousif.
'It is a proof that the bank is well established in the Algerian market. The bank was able to build upon the strong financial resources that it possesses.
'It was also able to benefit from the strong support that the parent company extends to its subsidiary banks to expand its branch network, enhance its human resources and diversify the services and products that it offers,' Yousif said.
'These steps enabled the bank to make the most of the opportunities available in the promising Algerian market,' he added.
Yousif that the bank's branch network expanded from 21 to 25 outlets during the year. – TradeArabia News Service