ABG posts $97m net income
 
, Posted on 14-Nov-2017


ABG posts $97m net income

Manama Al Baraka Banking Group (ABG) yesterday announced financial results for the first nine months of the year 2017 showing good increases in assets. Net Income Attributable to Equity Holders of the Parent for the period was US$97 million. 

The bank’s total assets rose 6 per cent to US$24.9 billion, financing and investment portfolio increased 9pc to US$19.1bn and customer accounts zoomed 6pc to US$20.4bn from the same period a year ago. Total equity jumped 24pc to US$2.5bn from the prior year period. 

Customer accounts represent 82pc of total assets, which, according to the bank, indicates the continued customer confidence and loyalty in the Group and growing customer base and expansion in the branch network. 

The results, Deputy Chairman of ABG, Abdulla Ammar Al Saudi said, reflect the current international and regional banking situations and slowdown in economic growth in major countries and the fluctuation of currencies.

Adnan Ahmed Yousif, Member of the Board of Directors and President & Chief Executive of Al Baraka Banking Group, however, said that the bank was able to “compensate for this effect by increasing the volume of business in the Group units significantly.” He added: “Therefore, we consider the results that we achieved during the half nine months of 2017 are good.”

The overall profitability of the Group was affected during the period as a result of the decrease in local currencies in five countries in which ABG Units are operating. Total operating income decreased by 7pc to US$735m from US$789m for the same period last year and net operating income by 12pc to US$318m from US$362m for the same period last year.

Net income, in addition to the effect of the decline in local currencies, was also affected by the increase in the amount of prudential provisions, resulting in a net profit of US$154m for the first nine months of 2017, a decrease of 24pc from US$204m for the same period last year. Net income attributable to Equity Holders of the Parent for the first nine months of 2017 was US$97m, down by 17pc compared from US$116m for the same period last year.

For the third quarter of 2017 the net income was less by 32pc to reach US$41m compared to US$61m for the same period last year. While net income attributable to the parent for the third quarter of 2017 was US$27m, a 24pc decrease from US$35m for the same period last year.

With regard to the Group’s plans to expand its branch network, the President & Chief Executive said, “In terms of regional and international geographical expansion, we are preparing to open our banking unit in Morocco in the coming weeks with our partners in the new bank, the Moroccan Bank for Foreign Commerce (BMCE Bank), a large and well-established bank in the Moroccan market. 

Looking ahead, the President & Chief Executive of the Group added, “For the remaining part of 2017, we expect the fluctuations in regional and international markets will continue.”



Related News

Bahrain Foreign Exchange Rates
Nov 22

Bahrain Foreign Exchange Rates

Currency Name Code Bank Transfer  UAE Dirham AED 9.68523  Australian Dollars AUD 3.38535  Bangladeshi Taka BDT 213.21962  Canadian Dollars CAD 3.30229  Swiss...

Read More
GCC Gold Rates
Nov 22

GCC Gold Rates

Country (22kt/gm) (24kt/gm) United Arab Emirates 145.75 AED 155.00 AED Qatar 148.50 QAR 158.50 QAR Bahrain 14.90 BHD 15.90 BHD Kuwait 12.30 KWD 12.80 KWD Oman 15.70 OMR 16.35 OMR Saudi...

Read More
Island Classic Charity Golf: AMH to celebrate 20th anniversary
Nov 22

Island Classic Charity Golf: AMH to celebrate 20th anniversary

Manama : American Mission Hospital (AMH) will be celebrating the 20 th Anniversary of the Island Classic Charity Golf Tournament. This tournament will be officially opened on November 23, held under the patronage of His Majesty the King Hamad bin Isa Al Khalifa at His Majesty’s golf course in Saffriya. AMH CEO/...

Read More
Indian MMA Community thanks HH Shaikh Khalid
Nov 22

Indian MMA Community thanks HH Shaikh Khalid

Manama : Indian Mixed Martial Arts community hailed the initiatives of His Highness Shaikh Khalid bin Hamad Al Khalifa for the growth of Mixed Martial Arts in India. Aditya PS, President of All India Mixed Martial Arts Federation stated in the latest press conference in Bangalore, India. Initiatives under the...

Read More
Brave 9 gets the largest global coverage
Nov 22

Brave 9 gets the largest global coverage

Manama : Brave 9: The Kingdom of Champions have broken records as the most covered combat sports event in the MENA region by worldwide media. Apart from being covered by media in over fifty five nations, the event was also covered in 18 languages. This includes English, German, French, Arabic, Italian, Dutch,...

Read More
 Feline Lower Urinary Tract Infection (FLUTI)
Nov 22

Feline Lower Urinary Tract Infection (FLUTI)

Feline lower urinary tract disease involves the structures that make up the lower portion of the urinary tract. Urinary bladder and the urethra. FLUTI previously referred as feline urologic syndrome (FUS). The potential causes of this infection are bladder infection, bladder stones, inflammation of the bladder or...

Read More
Innovative SMEs in a Globalized Market: Go Global Strategy
Nov 22

Innovative SMEs in a Globalized Market: Go Global Strategy

I was intrigued by the definition of the key performance indicator (KPI) set by Leipzig University innovation center in Germany. The KPI is to establish 40 SMEs per year.  This explains the high number of SMEs in Germany. Moreover, the department for the promotion of innovation and entrepreneurship at...

Read More
Bahrain to host Hospitality and Restaurant expo
Nov 22

Bahrain to host Hospitality and Restaurant expo

Manama : Bahrain is to host its first International Hospitality & Restaurant Expo which is scheduled to take place from 21st- 24th March 2018 at the Bahrain International Exhibition & Convention Center. The Bahrain Hospitality and Restaurant (BHR) forum and expo; one of the most anticipated...

Read More
‘Old Markets Committee’ discuss plans for Manama Souq
Nov 22

‘Old Markets Committee’ discuss plans for Manama Souq

Manama : The Old Markets Committee held a meeting at Bahrain Chamber of Commerce and Industry (BCCI) to discuss the latest developments in the old Manama souq project. Several topics were discussed on the occasion which included the grants provided and budget for the development of the souq, which will be...

Read More
Coordination meeting held
Nov 22

Coordination meeting held

Manama : A coordination meeting was held yesterday to discuss sustainable economic development projects and Kingdom’s long-term fiscal security. The meeting follows the 2017 Government Forum, during which His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme...

Read More