Al Baraka Bank Sudan doubles its Net Income

Manama : Al Baraka Bank Sudan, a subsidiary banking unit of Al Baraka Banking Group (ABG), announced yesterday a 135 per cent jump in its 2016 net income, from 2015, helped by success in diversifying income sources from commissions, fees and financing.
Total assets increased by 24pc, financing and investments portfolio increased by 27pc, deposits accounts grew by 5pc and equity shareholders enhanced by 39pc as at the end of December 2016 compared to the end of December 2015.
The bank’s total income surged 57pc to reach SDG332 million. Excluding operating expenses, which increased by 16pc, net operating income increased by 120pc to reach SDG185m in 2016 compared to the same period of 2015. After allocating for provisions and taxation, net income for the 2016 increased to SGD142m, more than doubling by 135pc compared to 2015.
Customer accounts reached SGD1.7 billion at the end of 2016, up by 5pc also during the same period. The banks equity reached SGD401m at the end of 2016, increasing by 39pc compared to the end of 2015.
On this occasion, Adnan Ahmed Yousif, Chairman of Al Baraka Bank Sudan and President & Chief Executive of Al Baraka Banking Group said: “Al Baraka Bank Sudan, which was founded in 1984, has provided for more than 32-year period various advanced banking products and services to the Sudanese market.”
For his part, Abdullah Khairy Hamid, the General Manager of Al Baraka Bank Sudan said, “Three new branches were opened in 2016 to bring the total to 29 branches. ATM network was meanwhile expanded to 40. However, development plans are underway for several more branches.”
The bank is launching electronic payment gateway services allowing utility and education bills payment. Additionally, enhanced digital banking services are being developed.