The bank in a statement said that after setting aside provisions and tax charge net income amounted to US$ 11.18 million, which is the same level as that of year 2009.
The bank said that its assets by 12 per cent financing by seven per cent, deposits by 13 per cent and shareholders equity by eight per cent.
According to financial statement the bank had achieved good results which were better than the results achieved in 2009. Total operating income increased by 3% up from $18.73 million in 2009 to $19.29 million in 2010 because of a remarkable growth in financing and investments coupled to an increase in fee income.
“These good results come on the back of a noticeable growth in the bank’s financing and investment activities in 2010. During the year, total financing increased by seven per cent to reach $344.34 million and investments by seven per cent to $151.86 million in 2010. This resulted in an increase of 12 per cent in total assets to reach $553.42 million as at the end of 2010. This increase in assets was financed by an increase in customer deposits and unrestricted investment accounts which grew by 13 per cent to reach $ 453.83 million, funding 82 per cent of total assets and reflecting the strong customer base of the Bank. Similarly, total equity increased by eight per cent to reach $92.84 million as at the end of 2010,” it added.
“The Bank’s performance in 2010 was very positive. It is a proof that the Bank is well established in the Tunisian market and that it was able to make the most of the opportunities available in this rapidly growing market. The Bank also benefited from the strong support that the parent company (ABG), under the leadership of Adnan Ahmed Yousif, member of the board of directors and President and Chief Executive of ABG, extends to its subsidiary banks. This support and the hard work of the executive management and all the employees of the Bank helped achieve these excellent results,” said Abdul Elah Abdulrahim Sabbahi, Chairman of the Board of Directors of Al Baraka Bank Tunisia.
“Thanks to its capital and technical resources, the Bank was able to capitalize upon the strong performance of the Tunisian economy in 2010, which recorded an estimated growth of 3.8% over the year,” said Laroussi Bayoudh, Deputy Chairman of the Board of Directors and General Manager of Al Baraka Bank Tunisia.
Al Baraka Bank Tunisia is one of the subsidiary banking units of Al Baraka Banking Group.