Thursday, May 10, 2012
(This item was originally published Wednesday.)
BEIRUT (Zawya Dow Jones)--Bahrain-based Al Baraka Banking Group (BARKA.BH), or ABG, said Wednesday its first-quarter net profit rose 7.3% on year to $57.4 million to a continuous expansion in its business.
The Islamic investment bank said its total operating income jumped 21% to $205.6 million from $169.9 million in the first quarter of 2011.
The profit growth "was achieved despite the increases in the operating expenses of the group on account of further expansion in the branch network and enhancements in the information technology infrastructure and human resources," ABG said in a statement posted on the Bahrain Bourse website.
Total assets stood at $17.45 billion at the end of March, up 1.7% compared with the end of 2011, according to the statement.
ABG, which has a presence in 15 countries, is listed on the Bahrain and Nasdaq Dubai bourses.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
10-05-12 0408GMT
