Net income of Al Baraka Banking Group grew by 11% to $235m
Bahrain-based Al Baraka Banking Group B.S.C. (ABG) announced that it has achieved a net income of $235m in 2012, an increase of 11% on the income achieved in 2011. Other financial position items witnessed good increases as well, including total assets (11%), total financing and investments (21%), deposits including equity of investment account-holders (12%) and total equity (9%). The financial statements of the Group for 2012 showed that the continued expansion in business reflected positively on income, with total operating income of $880m in 2012, an increase of 21% over 2011. According to H.E Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group, the success is based on its geographic expansion programs and branch network as well as strong financial means, human resources and technical capabilities. Furthermore, he emphasized the importance of ABG's commitment to the Islamic banking model.