ABG’s operating income up 7% to US$1b in 2016

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MANAMA: The Bahian-based Islamic banking major, Al Baraka Islamic Banking Group (ABG) on Monday said Group’s financial results for year 2016 showed an increase of 7% in the Group’s total operating income to US$1.08 billion, with a 9% increase in net operating income to US$507 million.

The shareholders of the Group who attended and approved the financials for the year 2016 were informed by the Chairman of the Board Sheikh Saleh Kamel that this was achieved against the headwind of significant currency devaluations against the US dollar, and therefore understated the true rate of growth.

After a 6% rise in operating expenses, due to investment in expanding our branch network, and increase in provisions, the Group achieved a net income of US$268 million. The Group’s assets totalled US$23.4 billion at the 2016-year end, showing a slight reduction from the previous year due to the strong US Dollar. However, in terms of the local currencies the Group’s total assets grew by 18%, reflecting continued expansion in our asset base.

Shaikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group, Mr. Abdulla Ammar Al Saudi, Vice Chairman, Mr. Abdullah Saleh Kamel, Vice Chairman, Mr. Adnan Ahmed Yousif, President and Chief Executive of the Group and all members of the Board of Directors expressed their sincere thanks to the Ministry of Industry, Commerce and Tourism, Central Bank of Bahrain, Bahrain Bourse and Nasdaq Dubai for the cooperation and assistance they extended to the Group since it was established. They also extended thanks to all central banks in the countries in which Group banks operate and to all investors and customers for their continuing support and custom. They also thanked all the employees for their hard work, dedication and loyalty.

Al Baraka Banking Group (B.S.C) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is jointly rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited, and by Standard & Poor’s at BB+ (long term) / B (short term).

Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari’a. The authorized capital of Al Baraka is US$ 1.5 billion, while total equity is at about US$ 2 billion. The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in fifteen countries, which in turn provide their services through over 700 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq and Saudi Arabia, including two representative offices in Indonesia and Libya.

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