Al Baraka Tunis income up 25pc
Manama, May 15, 2014
Al Baraka Bank Tunis, a subsidiary banking unit of Al Baraka Banking Group (ABG), said its net income for last year increased by 25 per cent to $6.5 million.
Total income stood at $30 million, increasing by 8 per cent compared with 2012. After deducting all operating expenses, which increased by 19 per cent, net operating income increased by 3 per cent to $20 million.
Total assets increased by 23 per cent, financing and investments by 13 per cent, customer deposits by 27 per cent and shareholders' equity by 2 per cent at the end of last year compared with the end of 2012, despite the current conditions of the Tunisian economy.
On the balance sheet side, total assets of Al Baraka Bank Tunis stood at $760 million as at the end of last year, an increase of 23 per cent compared with the end of 2012.
This growth was reflected positively on total financing and investments portfolio, growing by 13 per cent to $675 million by the end of last year.
"At the start of this year, the bank became a full commercial bank after approval from the Tunisian authorities last year to change the bank's licence from offshore to onshore," Al Baraka Tunis board member and ABG president and chief executive Adnan Ahmed Yousif said.
"This will establish the bank as a separately capitalised institution in its own right, whilst permitting it to conduct a greater range of retail activities in local currency and to expand accordingly," he added.-TradeArabia News Service