Net income for the fourth quarter of last year increased by 17pc to reach
The balance sheet items witnessed good increases also.
Total assets increased by 10pc, total finance and investments by 7pc and customer accounts by 8pc at the end of last year in comparison to 2012.
The group's results for last year emphasise the integrity and sustainability of the business strategies, which are based on the continued improvement of the quality of earning assets, diversification of income resources, expansion in branch network and geographical presence, besides strengthening and diversification of products and services associated with the development and communities and businesses and updating financial, technical and human resources, all of which contribute to the achievement of outstanding results for the group.
With such resources, the group was able to implement its strategies on the ground by implementing programmes and policies that took into account the precautionary and prudent measures necessitated by the current regional and global economic and financial conditions on one hand, and the need to expand our markets and provide innovative Islamic products and services to customers on the other.
The group has also succeeded in meeting its Sharia and moral obligations towards developing the communities in which it operates, and at the same time maximise the value to its shareholders, owners, investors and depositors.
President and chief executive
"Such results were not possible to achieve were it not for the flexible and ambitious strategies of the group, which were based on a number of objectives, programmes and initiatives that aimed to achieve strong growth in earnings and operations taking advantage of the group's depth of geographical presence, thorough knowledge of Islamic markets and banking products, financial strength and a wide branch network which is the largest among Islamic banking institutions."
The financial statements also showed that the continued expansion in business reflected positively on income, with total operating income reaching
After deducting all operating expenses, which increased by 7pc due to large expansion in branch network, net operating income reached
The net income amounted to
This increase is considered a distinct result, and reflects the expansion in business, improvement of assets quality, and increase in productivity with diversification of income sources throughout the group.
Net income attributable to the shareholders of the parent company reached
The total assets of the group amounted to
Customer accounts and equity of investment account-holders have witnessed a good increase of 8pc from
For the last quarter of 2013, net income amounted to
Total operating income reached
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