MANAMA: Bahrain-headquartered Al Baraka Banking Group (ABG) has defied all economic pressures by reporting strong results in the year 2015, thanks to its capable team and leadership’s vision, according to a top executive.
“The outstanding results achieved during 2015, embodies our determination to implement all the initiatives that we planned for launch early this year, defying all economic and political datum regionally and globally, and which generated difficult operating and technical conditions for banks in the region,” said Mr. Adnan Ahmed Yousif, Member of the Board of Directors and President & Chief Executive of Al Baraka Banking Group, said.
The shareholders of Al Baraka Banking Group (ABG) during annual general assembly held at its newly built ABG Headquarters at Bahrain Bay approved the cash dividend of $55.62 million for the financial year of 2015.
Mr. Adnan who attended both ordinary and extra-ordinary general meetings which were chaired by Chairman of the Group HE Shaikh Saleh Kamel and present were the board members and executive management, applauded the Group’s yet another outstanding year.
“The most important of these initiatives has been to continue improving the quality of products and services, introducing more innovative products, expanding the branch network of ABG subsidiary units, strengthening relationships with our partners, investors and customers, and entering new markets as well as modernizing and developing our human, operational, regulatory and technical infrastructures both at Group level and subsidiary banking units’ levels. All these initiatives have contributed to maximizing the returns to the shareholders and investors of the Group, thanks to our deep experience in the markets were we operate in addition to large financial and technical resources and the wide branch network of our units.”
“We are very pleased to see the contribution of all our banking units in the growth of profits of the Group, which reflects the sound financial positions enjoyed by these units. Coincided with this, the cooperation between the Group’s units in trade financing activities for MENA countries have increased, which contributed to the emergence of the role of the Group as a key player in promoting trade and investment between these countries”.
The Group’s shareholders reviewed at the ordinary meeting the report submitted by the board of directors about the group’s activities during the financial year ended 31 December, 2015, the report of the Sharia Supervisory Board on financial year ended 31 December 2015 and the external auditors report on the financial statements for the year ended 31 December 2015.
The shareholders praised the performance of the Group in year 2015 and the excellent financial results that it achieved, especially that all units of the Group had contributed to the results, which enhances the confidence in the future performance of the Group which is based on diversity of products, depth of knowledge and commitment to the highest professional and ethical standards.
The Group’s financial results for year 2015 showed a net profit of US$ 286 million reflecting an increase of 4%, while the total income reached one billion US dollars for the first time since the start of the Group activities 12 years ago. Similarly, balance sheet items witnessed moderate increases. Total assets increased by 5%, total finance and investments by 4%, customer accounts by 2% and total equity by 1% as at the end of December 2015 in comparison with the end of December 2014. All these results confirmed the operational sustainability and growing profitability enjoyed by the Group, which make its financial performance in continuous growth over the past years.
Shaikh Saleh Kamel, Chairman of Al Baraka Banking Group, Mr. Abdulla Ammar Al Saudi, Deputy Chairman, Mr. Adnan Ahmed Yousif, President & Chief Executive of the Group and all members of the Board of Directors expressed their sincere thanks to the Ministry of Industry and Commerce, 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 their 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.
