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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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Al Baraka Banking Group's assets rise by 9% in 2017

rocky
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Al Baraka Banking Group's assets rise by 9% in 2017 Empty Al Baraka Banking Group's assets rise by 9% in 2017

Post by rocky Wed 21 Feb 2018, 2:20 am

Al Baraka Banking Group's assets rise by 9% in 2017







Al Baraka Banking Group's assets rise by 9% in 2017 6052



The financial results of Albaraka Banking Group BSC (ABG), the leading Islamic banking group based in the Kingdom of Bahrain, for the year 2017 increases in asset classes, with total assets increased by 9%, finance and investments portfolio by 9%, customer accounts by 8% and total rights by 25% End of December 2016. 
Compared to $ 507 million for the same period last year and net income of 23% to reach $ 207 million compared to $ 268 million for the same period last year. Last year and net income attributable to shareholders increased 15% to US $ 129 million for 2017 compared with US $ 152 million in 2016. In addition to its impact on the devaluation of the currencies, net income was also affected by the Group's increase in the amount of prudential provisions under the conservative approach of the Group. If the effect of the devaluation of local currencies on US dollar income indicators is excluded, total operating income will increase by 11%, net operating income by 7% and net income attributable to shareholders by 7%. In addition to its impact on the devaluation of the currencies, net income was also affected by the Group's increase in the amount of prudential provisions under the conservative approach of the Group. If the effect of the devaluation of local currencies on US dollar income indicators is excluded, total operating income will increase by 11%, net operating income by 7% and net income attributable to shareholders by 7%. In addition to its impact on the devaluation of the currencies, net income was also affected by the Group's increase in the amount of prudential provisions under the conservative approach of the Group. If the effect of the devaluation of local currencies on US dollar income indicators is excluded, total operating income will increase by 11%, net operating income by 7% and net income attributable to shareholders by 7%.
In the year 2017, Al Baraka Banking Group continued to implement business and market expansion initiatives and diversify its income streams across 16 countries whose operations in their countries have achieved remarkable growth in all financial and investment activities. The Group believes that the results of 2018 will see a marked improvement, as the values ​​of local currencies are moving toward stability or improvement. 
Chairman of the Board of Directors of Al Baraka Banking Group Saleh Kamel expressed his satisfaction with the financial results achieved by the Group during the year 2017, especially as they were achieved in light of the slowdown in global economic growth and the continuation of a number of political and economic risks surrounding the countries of the region.
"During the year 2017, Albaraka Banking Group (ABG) faced a number of challenges, notably the decrease in currencies in some of the countries in which the Group's units operate. This has affected the growth rates of the budget and income items. The impact on the Group's business volumes is significant, so we consider the results achieved during 2017 to be good considering the excellent profitability results announced by most of our units in their respective countries and through the performance of our banking units, "These are solid fundamentals, sustainable resources and a rich geographical diversity that will enable them to continue to grow and achieve good profits, as well as continue to maximize returns for shareholders and investors in the Group in the coming years."
At the end of his statement, the Group's Chief Executive Officer praised the significant efforts made by the Executive Management at the Head Office and the Executive Departments in the Group's banking units and related parties and led to the satisfactory results of the Group.
Al Baraka Banking Group (BSC) is licensed as an Islamic wholesale bank of the Central Bank of Bahrain and listed on the Bahrain and NASDAQ Dubai Stock Exchanges and is one of the leading Islamic banking companies in the world. The International Islamic Rating Agency and Dagong International Rating Limited have assigned a credit rating of BBB (long-term) A3 / (short-term) at the international rating and A2 (bh) long-term (bh) ) / (Short term) at the national classification level Standard & Poor's International Group has a credit rating of BB + (long term) and B (short term).


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