Bahrain’s Al Baraka Q4 Income Up 24%

Bahrain-based Islamic lender Al Baraka Banking Group recorded a 24 per cent increase in fourth-quarter net income, the bank said on Wednesday, with business expansion and improved asset quality aiding profit growth.

The bank, which has operations across the Middle East, Asia and Africa, made a net attributable profit of $26 million for the final three months of 2012, compared with $21 million in the corresponding period of 2011, it said in a statement.

Full-year net attributable profit was $133 million, a 13 per cent gain versus 2011, when the bank made $118 million.

In March, Al Baraka’s Chief Executive Adnan Ahmed Yousif, told Reuters the bank was aiming for 15 per cent profit growth in 2012.

The quarterly profit increase was backed by a 21 per cent gain in net operating income, which rose to $112 million in the three months to December 31, against $92 million in the same period of the previous year.

Total assets stood at $19 billion at the end of December, up 11 per cent on the $17.2 billion recorded at the end of 2011.

Deposits also grew during 2012, up 12 per cent to $16.4 billion from $14.7 billion at the end of the previous year, while total financing increased 21 per cent to $14.3 billion from $11.8 billion over the same period.