Al Baraka posts 13% rise in 2012 profit

Bahrain-based Islamic lender Al Baraka Banking Group recorded a 24 per cent increase in fourth-quarter net income, the bank said on Wednesday, with business expansion and improved asset quality aiding profit growth.

The bank, which has operations across the Middle East, Asia and Africa, made a net attributable profit of US$26 million for the final three months of 2012, compared with $21m in the corresponding period of 2011, it said in a statement.

Full-year net attributable profit was $133m, a 13 per cent gain versus 2011, when the bank made $118m.

The quarterly profit increase was backed by a 21 per cent gain in net operating income, which rose to $112m in the three months to December 31, against $92m in the same period of the previous year.

Total assets stood at $19 billion at the end of December, up 11 per cent on the $17.2bn recorded at the end of 2011.

Deposits also grew during 2012, up 12 per cent to $16.4bn from $14.7bn at the end of the previous year, while total financing increased 21 per cent to $14.3bn from $11.8bn over the same period.

* Reuters