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Al Baraka Banking Group reports Q1 results, leads Bahrain Bourse rise
- Bahrain: Sunday, May 12 - 2013 at 15:44
The Bahrain All-Share Index extended its record-long gaining streak by ending up 0.40% at 1,138.74 points Sunday. Al Baraka Baning Group gained the most, finishing 2.94% higher at $0.70. Earlier in the day, the the Kingdom's oldest Islamic financial institution said its net income increased by 15% year-on-year to $$66m. The bank said "This increase was achieved despite the increases in the operating expenses of the group on account of further expansion in the branch network and enhancements in IT infrastructure and human resources." The net income attributable to parent's shareholders reached $37m, which represent an increase of 13% comparing to the same period last year. The total assets of the group amounted to $19.5bn, an increase of 2% over the comparative figure as at the end of 2012. In regards to Al Baraka's expansion plans, president and CEO Adnan Ahmed Al-Yousif said that "the subsidiary units of the group in Turkey, Egypt, Jordan and Algeria continued opening new branches, with total branches reaching 425 branches at present, and we expect to add 65 new branches in 2013."
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Gérard Al-Fil, Financial JournalistSunday, May 12 - 2013 at 15:44 UAE local time (GMT+4)
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