Al Baraka Turk Deposits and Profits Increase Year on Year
Article Overview
Al Baraka Turk Participation Bank, a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG), announced that it had achieved a large increase of 16% in its net profit in the first nine months of 2015 compared to the same period of 2014. It also increased its equity by 10%, total assets by 27%, deposits by 23% and financing and investments by 20% at the end of September 2015 comparing to the end of December 2014.
Financial results for the Bank showed an increase in total operating income by 20% to TRY 862 million for the first nine months of 2015 compared to the same period in 2014. After deducting operating expenses, net operating income increased by 12% to TRY 265 million, while net income reached TRY 212 million (US$ 70.6 million $1=3 TRY) for first nine months of 2015, an increase of 16% compared to same period in 2014.
As at the end of September 2015, the assets of the Bank increased by 27% to TRY 29.2 billion (US$ 9.7 billion) compared with TRY 23 billion in December 2014.
Increased Finance Packages
Dr. Fahrettin Yahsi, Member of the Board of Directors and General Manager of Al Baraka Turk Participation Bank said: “The bank’s product range was again enhanced, with the introduction of finance packages tailored to the needs of small businesses (micro-finance), e-participation accounts, cumulative participation accounts and financing facilities to professionals and social housing.
He added “During September 2015, Al Baraka Turk Participation Bank concluded successfully a syndicated Sharia compliant Murabaha financing, raising a total of US$ 450 million (US$ 278 million and EUR 154.5 million)”
Al Baraka Banking Group (B.S.C) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges.
