Al Baraka Banking Group net income up by 15%
Al Baraka Banking Group B.S.C (ABG) announced that it had achieved a net income of US$ 193 million in 2010, an increase of 15% on the income achieved in 2009. Total assets increased by 21%, total finance and investments by 21%, deposits including unrestricted investment accounts by 23% while total equity increased by 5% as at the end of December 2010 in comparison with the end of December 2009.
The financial statements of the Group for 2010 showed total operating income of US$ 659 million in 2010, an increase of 4% over 2009. After deducting all operating expenses, net operating income amounted US$ 316 million in year 2010, which represents a slight 3% drop compared to the net operating income of 2009. This drop was the result of increases in the operating expenses of the Group on account of further expansion in the branch network and enhancements in IT infrastructure and human resources. The net income amounted to US$ 193 in 2010 compared to US$ 167 million in 2009, which reflects a respectable increase of 15%. The net income attributable to equity shareholders of the parent increased by 15% to reach US$ 106 million compared to US$ 92 million in 2009.
The total assets of the Group amounted to US$ 16 billion as at the end of December 2010, an increase of 21% over the comparative figure as at the end of 2009. Operating assets (financing and investments) amounted to US$ 11.4 billion as at the end of December 2010 compared to US$ 9.4 billion at the end of December 2009, an increase of 21%. Customer deposit and other accounts and unrestricted investment accounts have witnessed a marked increase of 23% from US$ 11 billion at the end of December 2009 to US$ 13.6 billion at the end of December 2010.
As for the results of the last quarter of 2010, net income amounted to US$ 46 million, compared to US$ 30 million for the same period of last year, an increase of 51%. Total operating income increased to US$ 195 million in the fourth quarter of 2010 compared to US$ 180 million for the same period of last year, an increase of 8%. The net income attributable to equity shareholders of the parent increased by 33% to reach US$ 22 million compared to US$ 17 million for the same period of 2009.
The Board of Directors has recommended to the annual general meeting a distribution of cash dividend to the shareholders amounting to US$ 39.5 million (5 cents per share) and a distribution of one bonus share for every 10 fully paid up shares amounting US$ 79 million from the share premium after obtainment of the required official approvals.
Al Baraka Banking Group is a Bahrain Joint Stock Company listed on Bahrain Bourse and Nasdaq Dubai. The authorized capital of ABG is US$1.5 billion, while total equity amounts to about US$1.8 billion.
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