DUBAI: Bahrain’s Al Baraka Banking Group reported a 23 percent increase in fourth-quarter net profit yesterday, and said it would continue expanding its network and issuing further sukuk through its foreign subsidiaries in 2014.
The Islamic lender recorded a net attributable profit of $32m in the three months to December 31, compared with $26m in the corresponding period of 2012, the bank said in a statement.
The hike came despite a slight decline in total operating income vis-à-vis the same quarter of 2012 to $227m.
For the full-year 2013, net attributable profit gained nine percent to $145m, which the bank said was a result of its expanded operations, improvements in asset quality and better cost efficiency.
Al Baraka has operations in fifteen countries predominantly across the Middle East and Africa. Adnan Ahmed Yousif, chief executive of Al Baraka, said in the statement that the results posted by the lender could be considered “satisfactory by all standards if we take into account the difficult economic and financial conditions that prevailed in the region and the world as a whole.”
Total assets at the end of 2013 stood at $21bn, up 10 percent over the end of the previous year. Loans and advances and deposits increased seven and eight percent respectively over the same timeframe.
Al Baraka said it planned to add 81 branches to its network in 2014, in countries including Turkey, Pakistan, Jordan and Egypt. Reuters
