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The Al-Baraka Islamic Bank continued recording strong growth in operating income and operations in the first 9 months of 2007 and net profits increased by 94 percent, total assets by 25 percent, equity by 25 percent and the total operating income by 34 percent.
A bank spokesman in an announcement here on Wednesday said the bank was part of the Albaraka Banking Group with an authorised capital of $1.5 billion, having subsidiary banking units in 12 countries, the AlBaraka Islamic Bank, Pakistan, Jordan Islamic Bank, Jordan, Al Baraka Islamic Bank, Bahrain, Banque Al Baraka D'Algerie, Algeria, Al Baraka Bank Sudan, Sudan, Al Baraka Bank Ltd, South Africa, Al Baraka Bank Lebanon, Lebanon, Bank Et-Tamweel Al- Tunisi Al Saudi, Tunisia, The Egyptian Saudi Finance Bank, Egypt, Al Baraka Turk Participation Bank, Turkey, Albaraka Bank Syria (under establishment), and Representative office, Indonesia. In Pakistan, the bank has 12 branches in the cities like Lahore, Karachi, Islamabad, Rawalpindi, Faisalabad and Abbottabad.
A group statement said the results reflected the success of the key strategies being implemented by the group, which aim to maximise benefits from business dealings between the units of the group, horizontal and vertical expansion in the markets of such units and the diversification of the product base and services, improving the quality and profitability of such products and services and enhancing the capital resources of the units to enable them compete more effectively in their markets.
It said the results show that the group's total operating income increased by 34 percent to reach $311 million for the first nine months of 2007 compared to $232 million for the first nine months of 2006. All the components of these profits registered noticeable increases especially Islamic financing and investment activities, the statement added. It further said that this reflected very positively on the net profit which achieved a significant increase of 94 percent to reach $161 million for the first nine months of 2007 compared to $83 million for the same period of last year.
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