The Bank achieved an increase in total operating income by 31% to 78.7 million Sudanese pounds in 2011 ($29.6 million). After deducting operating expenses, which rose by 14%, net operating income witnessed an increase of 83% from 14.3 million Sudanese pounds in 2010 to 26.1 million Sudanese pounds ($9.8 million) in 2011. It also achieved a good growth in net income of 14% to 19.2 million Sudanese pounds ($7.2 million) in 2011.
By the end of the year 2011, the assets of the Bank increased by 24% to 940.3 million Sudanese pounds ($350.9 million) compared with 759.1 million Sudanese pounds at the end of 2010. This increase financed the growth in liquid assets, which rose by 74% to 195.4 million Sudanese pounds, as well as financing and investments, which rose by 21% amounting to 583.6 million Sudanese pounds by the end of 2011.
The customer deposits and investment accounts showed a strong growth and went up by 25% to 686.6 million Sudanese pounds (US$ 256.2 million), financing 73% of the total assets of the Bank, which reflects the strong customer base of the Bank. It also enhanced shareholders equity by 10% to 134.8 million Sudanese pounds (US$ 50.3 million).
“At first we must ask the Almighty to grant the late Othman Ahmed Suleiman, erstwhile Deputy Chief Executive of Al Baraka Banking Group and Chairman of Al Baraka Bank Sudan, His mercy and compassion and may Othman’s soul rest in peace. Late Othman was sincere and loyal, with high ethical standards, thus setting a model throughout the ABG Group and in the banking community. His contributions have a significant impact in the successes of Al Baraka Bank Sudan,” Adnan Ahmed Yousif, Chairman of the Board of Directors of Al Baraka Bank Sudan, said.
Adnan Ahmed Yousif added that the Bank’s performance during the year 2011 was excellent, and provides further evidence of the consolidation of the Bank in the Sudanese market where the Bank was able to build on the strong capital resources, boosted by the strong support of the parent company, Al Baraka Banking Group.
He said that during 2011 the Bank invested in the development of technical and information systems to help further improve the quality of services provided to customers, and raise the efficiency and methodologies of credit, operations, information technology and financial control operations.
Abdullah Khairi Hamid the General Manager of Al Baraka Bank Sudan said that the Bank’s performance in 2011 benefited positively from the improved performance of the Sudanese economy. At the same time, the Central Bank of Sudan has pioneered the development and modernization of the payment and settlement systems – the “Real Time Gross Settlement System”, in addition to a number of measures of institutional governance and the development of a new system to audit the accounts of the banks. The Central Bank has taken steps to strengthen the interbank market, and promote open-market operations for the purpose of liquidity management.