Al Baraka Q4 net income up 24pc
Manama, February 20, 2013
Bahrain-based Islamic lender Al Baraka Banking Group recorded a 24-percent increase in fourth-quarter net income, the bank said on Wednesday, with business expansion and improved asset quality aiding profit growth.
The bank, which has operations across the Middle East, Asia and Africa, made a net attributable profit of $26 million for the final three months of 2012, compared with $21 million in the corresponding period of 2011, it said in a statement.
Full-year net attributable profit was $133 million, a 13 percent gain versus 2011, when the bank made $118 million.
In March, Al Baraka's chief executive Adnan Ahmed Yousif, told Reuters the bank was aiming for 15 percent profit growth in 2012.
The quarterly profit increase was backed by a 21 percent gain in net operating income, which rose to $112 million in the three months to December 31, against $92 million in the same period of the previous year.
Total assets stood at $19 billion at the end of December, up 11 percent on the $17.2 billion recorded at the end of 2011.
Deposits also grew during 2012, up 12 percent to $16.4 billion from $14.7 billion at the end of the previous year, while total financing increased 21 percent to $14.3 billion from $11.8 billion over the same period. - Reuters