Bahrain’s Al Baraka Q1 Profit Up 15%

First-quarter net income rose to $66 million from $57 million in the year-ago period, with operating income up 16 per cent.



Bahrain-based Islamic lender Al Baraka Banking Group posted a 15 per cent increase in first-quarter net income, the bank said on Sunday.

Al Baraka, which has operations across the Middle East, Asia and Africa, said first-quarter net income rose to $66 million from $57 million in the year-ago period, it said in a statement on Sunday.

The bank made a total operating income of $233 million in the first quarter of 2013, up 16 per cent over same period in 2012, it said.

Chief executive officer Adnan Ahmed Yousif told Reuters last month that the bank plans to expand its global footprint with a focus on Africa under a five-year plan that includes investments in Libya and Morocco.