MANAMA: Al Baraka Bank Tunis, a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG), announced recently its financial results for the first half of 2019. The results revealed that the Bank continued to achieve excellent financial results and growth in businesses, where net income increased by 563% during the first half of 2019 compared to the same period last year. Total assets also increased by 11%, at the end of June 2019 compared to the end of 2018.
The Bank’s financial statements for the first half of 2019 show that the total income stood at US$ 23 million, increasing by 38% compared to the same period last year. After deducting all operating expenses, net operating income increased by 38%, reaching US$ 15.5 million. After deducting provisions and taxes, net income stood at US$ 3.8 million in first half of 2019, increasing by 563 % compared to the same period last year.
On the balance sheet side, total assets of Al Baraka Bank Tunis stood at US$ 766 million as at the end of June 2019, an increase of 11% compared to the end of 2018. Net financing and investments portfolio grew by 2% to reach US$ 404 million by the end of June 2019. The increase in assets was financed by 19% increase in customer deposits including IAH to reach US$ 692 million, funding 90% of total assets which reflects the good customer base of the Bank. The Bank also enhanced its shareholders equity by 6 % to reach US$ 59 million as at the end of June 2019.
“The political, economic and social transitions continued in Tunisia during the first half of the year, creating challenging investment environment. Despite this, the Bank was able, by the grace of Allah Almighty and thanks to large efforts of the executive management and all employees of the Bank, to achieve excellent operating and earning results in first half of 2019,” Abdul Elah Sabbahi, Chairman of the Board of Directors of Al Baraka Bank Tunis said.
“Having successfully completed its transformation into a local bank, Al Baraka Bank Tunis has been distinguished in the local market by offering full financing, saving and commercial banking services to individuals and companies, as well as by its premium social contributions to the society. This has made it a source of great confidence and popularity among customers, which gives us great pride in our Bank in dear Tunisia,” Adnan Ahmed Yousif, Board Member of Al Baraka Tunis and President and Chief Executive of Al Baraka Banking Group said.
“Through its network of 37 branches spread across different cities and vital areas in Tunisia, the Bank offers a full range of banking services for individuals, professionals and companies such as various savings accounts, deposits, finance, electronic services and cards such as MasterCard Gold and Visa Platinum. In addition, it provides financing facilities to help its customers buy houses, cars and finance Hajj and Umrah, as well as paying bills and other transactions via mobile phones and other services,” Mohamed El Moncer, the General Manager of Al Baraka Bank Tunis said.
As part of ABG’s strategy for digital transformation, the Bank has developed a three-year roadmap for digital transformation of its operations, and implementation has begun with the use of specialized consultants. The Bank is looking to improve customer relationship management using data from digital channels while relying on social media and other means to market its products more effectively. In last February, the Bank launched its new attractive and integrated website, which offers various online banking services.
The Bank has also signed an agreement with the trade finance arm of the Islamic Development Bank Group to expand their cooperation and enhance the Bank’s role in financing Tunisian imports.
At the end of last year, the Bank won the “Best Islamic Financial Institution” award in Tunisia from Global Finance magazine in recognition of its leading role in the Tunisian market.
