The Bahrain based leading Islamic banking group, Al Baraka Banking Group, achieved a net income of $166 million in the first nine months of 2011, an increase of 13% on the net income achieved in the first nine months of 2010.
The total operating income for the nine months of 2011 reach $535 million, an increase of 15% over the same period in 2010.
After deducting all operating expenses, net operating income amounted $252 million in first nine months of 2011, which represents an increase of 11% compared to the net operating income during the same period of 2010. The net income amounted to $ 166 in first nine months of 2011 compared to $147 million in first nine months of 2010, which reflects an increase of 13%. The net income attributable to equity holders of the parent amounted $97 million compared to $83 million for the same period last year, which represent an increase of 17%.
The total assets of the Group amounted to $16.4 billion as at the end of September 2011, an increase of 3% over the comparative figure as at the end of 2010. Financing and investments amounted to $11.4 billion as at the end of September 2011. Customer deposit and other accounts and equity of investment accountholders have also witnessed an increase of 4% from $13.6 billion at the end of December 2010 to $14.1 billion at the end of September 2011, which indicates continued customer confidence and loyalty to the Group. Total equity at the end of September 2011, amounted to $1.8 billion.
As for the results of the third quarter of 2011, net income amounted to $56 million, compared to $53 million for the same period of last year, an increase of 7%. Total operating income increased to $182 million in the third quarter of 2011, an increase of 16% compared to the same period of last year. Net operating income increased to $82 million, a growth of 9% compared to the same period of 2010. The net income attributable to equity holders of the parent for the third quarter of 2011 amounted $33 million, which represent an increase of 14% compared to the same period of 2010.
“We are very proud to see continuing growth in the revenue and business of ABG and further elevation in its regional and global standing with the near end of 2011, this year which is considered exceptional by all standards given the continuation of difficult economic and financial conditions and extremely complicated Arab political developments,” Sheikh Saleh Abdullah Kamel, ABG Chairman, said.
“We consider the outstanding results achieved in first nine months of 2011 as an embodiment of the success of the business model that we followed since the founding of the Group, a model that reflects the true values of Islamic banking and far-sighted business strategies, supported by outstanding management expertise capable of creatively translating these values and strategies to facts on the ground. Therefore, we are optimistic about the future, and we make every effort to serve the communities in which we operate and provide products with high added value that contribute to their development and evolution,” he added.
“The Group financial results achieved in the nine months of 2011 confirm that despite the repercussion of the global crisis and successive political and social developments witnessed by some of the countries where the Group operate, the activities of the Group and its subsidiary units continued their steady growth,” Abdulla Ammar Al Saudi, Deputy Chairman of ABG, said.
“This reflects the success of the business strategies implemented by the Group that are based on their strong capital, human and technical resources, wide network of branches, and their firmly established presence in the markets,” he added.
“The excellent results that we achieved in the first nine months of 2011 were the outcome of a number of initiatives that we had launched during the year, including continually improving the quality of our products and services,” Adnan Ahmed Yousif, Member of the Board of Directors and President and Chief Executive of ABG, said.
“The subsidiary units of the Group in Turkey, Jordan, Algeria, Egypt, Syria and Bahrain have resumed expansion by opening new branches and this had direct positive impact on growing their deposit base and financing portfolios. We expect the number of branches of ABG banking units to exceed 500 over the next three years.”
“The work is in progress on the construction of the Group Headquarter located in Bahrain Bay by the Arabtec Construction Company which is one of the largest contracting companies in the Arab world. The $ 100million new Headquarter of the Group is designed to meet the present and future needs of the Group.”