MANAMA: Al Baraka Banking Group (ABG), a
While balance sheet items increased moderately. Total assets increased by five per cent, total financing and investments by 5pc, customer deposits by 5pc and total equity by 3pc as of end-June when compared with corresponding figures as of end-December, the bank said.
"We are pleased with the results, given the slowdown in global economic growth and the continuation of a number of political and economic risks surrounding countries in the region," said ABG chairman
The bank continues with its strategy relating to new products and services and expansion of customer base through increasing the number of branches, he added.
ABG deputy chairman
"Financing and investment policies and activities during the period were focused on opportunities arising from the current situation, with ABG capitalising on resources and extensive geographical network,"
Total operating profit amounted to
After deducting all operating expenses which increased by 3pc, mainly due to growth in expenses related to opening new branches, the net income was
Net income attributable to shareholders of the parent was
Total assets amounted to
Customer deposits increased from
Total shareholders' equity amounted to nearly
For the second quarter, total operating income increased by 9pc to
However, when compared with the figures for the second quarter last year, net income is up 3pc, whereas income attributable to shareholders of the parent increased by 4pc to
According to ABG president and chief executive
"Profit for the second quarter improved significantly compared with the first quarter, which confirms our determination to compensate for the slowdown in income during the second half of the year," he added.
The subsidiary units of the group have continued expansion plans by opening new branches, with 54 opened last year and 17 during the first half, taking the total branch network of the group to 496 branches, spread over 15 countries.
"The ambitious expansion programme entails huge expenses related to the establishment of branches and equipping them with necessary human and technical resources.
"However, the returns in terms of profits, income, growth and expansion will be seen in the forthcoming years," he added.
The bank has been working on modernising institutional, human and technical infrastructure by developing regulations, applications and practices of corporate governance, social responsibility, governance, compliance, anti-money laundering, training, risk management and FATCA regulations in accordance with latest international standards, the chief executive said.
"Initiatives during the current year include product launches, continuing improvement in internal operating environment, enhancing the unified group corporate identity and increasing inter-unit business,"
"We also look with great interest to the Indian authorities, expecting them to open the country to Islamic banking and encourage the entry of Islamic financial instruments.
"The Indian market is a huge and diverse market, full of opportunities, and close historic ties with GCC markets, which promise successful partnerships between banks and financial institutions on both sides," he said.
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