Al Baraka Banking Group achieved operating income of US$ 249 mn

Bahrain — The Bahrain based leading Islamic banking group, Al Baraka Banking Group B.S.C (ABG) announced that it achieved a total operating income of US$ 249 million during the first quarter of 2017 and the total financing and investments recorded slight increases at the end of March 2017 compared to end of December 2016.

Al Baraka Banking Group has continued during the first quarter of 2017, the implementation of the business and markets expansion initiatives and diversification of income sources through its banking units located in 15 countries, and the operations and activities of the Group achieved a slight growth in total financing and investment activities, but operating income growth rates were affected by the financial and economic unstable conditions in some countries where the Group operates, forcing it to strengthen prudential provisions as part of the conservative policy pursued by Group, as well as those growth rates were affected by the decline in the local currencies in some countries where the Group operates against the US dollar. Therefore, net operating income, after deducting all operating expenses, reached US$ 101 million during the first quarter of 2017 lower by 11% when compared to US$ 114 million during the same period last year. After deducting taxes and provisions, the net income attributable to equity holders of the parent reached US$ 34 million during the first quarter of 2017 compared to US$ 38 million during the same period last year, a slowdown of 10%. While total net income of the Group reached US$ 52 million during the first quarter of 2017.

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