ABG announces net income of US$ 214m
The Bahrain based leading Islamic banking group, Al Baraka Banking Group B.S.C (ABG) announced a net income of US$ 214 million for the first nine months of 2015, reporting an increase of 3pc over the net income of the same period of last year.
The growth rate of income was affected by the appreciation of US Dollar against local currencies for some countries in which the Group operates.
If the currency depreciation effects were excluded, net income growth rate will reach 19pc.
According to the financial statements of the Group, total operating profit amounted to US$ 738m for the first nine months of 2015, which is markedly higher by 10pc compared to the same period in 2014 of US$ 673m.
After deducting all operating expenses, the net operating income for the first nine months of 2015 amounted to US$ 333m, also increasing remarkably
This reflects the noticeable increases in business volume of the Group’s units and their successes in diversifying the income from fees, commissions and banking services.
Net income attributable to equity holders of the parent amounted to US$ 121m, an increase of 5pc compared to the same period last year.
With regard to the results of the third quarter of this year compared with the results of the same quarter in 2014, the total operating income increased by 3pc to reach US$236m.
Net income attributable to equity holders of the parent for the third quarter of 2015 amounted to US$ 36m compared to US$ 35m for the same period last year, which represent an increase of 4pc.
Chairman of Al Baraka Banking Group H.E. Shaikh Saleh Abdulla Kamel, said, “We are pleased with the financial results achieved by the Group in the first nine months of 2015, given the slowdown in global economic growth and the continuation of a number of political and economic risks surrounding the region.”
Deputy Chairman of ABG Abdulla Ammar Al Saudi, said, “Our cautious and selective approach, together with the extreme caution exercised towards the markets and customers in implementing our financial and investment programmes has created the desired results”.
Member of the Board of Directors and President & Chief Executive of Al Baraka Banking Group Adnan Ahmed Yousif, said, “Following our adding of 30 new branches in the first nine months of 2015 to bring total branches to 579, we intend to bring the total of new branches to be opened in 2015 to 54 branches.”
Photo Caption :
Abdulla Ammar Al Saudi , Adnan Ahmed Yousif and Shaikh Saleh Abdulla Kamel
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