Mar 28 2012
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Net Operating Income of Al Baraka Bank Egypt Rises by 54% in 2011
The Bank's financial statements for year 2011, shows that the total income stood at EGP 506.4 million, increasing by 39% compared to 2010. After deducting all operating expenses, which increased by 21%, the net operating income increased by 54% to EPG 310.3 million in 2011. After deducting provisions and taxes, net income stood at EGP 105.2 million (US$ 17.7 million) in 2011, decreasing by 7% compared to 2010.
On the balance sheet side, total assets of Al Baraka Bank Egypt stood at EGP 14.9 billion as at the end of 2011, an increase of 9% compared to 2010. This growth was reflected positively on total financing and investments, growing by 9% to reach EGP 12.9 billion (US$ 2.1 billion) by the end of 2011. These increases in assets were financed by 8% increase in customer deposits including IAH to reach EGP 13.1 billion (US$ 2.2 billion), funding 88% of total assets which reflects the solid customer base of the bank. The Bank also enhanced its shareholders equity by 11% to reach EGP 985.2 million (US$ 163.3 million) as at the end of 2011.
Mr. Adnan Yousif added that " Al Baraka Bank Egypt was able to firmly establish itself as an outstanding Islamic bank in the banking sector in Egypt in a short timeframe of just few years, thanks to the range and quality of its services, the many savings and investment products that suit the needs of all groups and segments of the community and innovative and unprecedented financing schemes designed to meet the needs of the different sectors of the Egyptian market, all in strict compliance with the principles of the Shari'a. In order to further strengthening these programs, the Bank increased its issued share capital in 2011, by EGP80.3 million, by transferring an equivalent amount from dividends. It plans to raise its paid up capital to the authorized capital limit of EGP1 billion by 2013. Under its rolling strategic 5-year expansion plan, it intends to open a further 13 branches and foreign exchange bureaus to create a network of 39 by 2016. It plans to build on the credit card to be launched shortly - the Al Baraka Bronze Card - with the forthcoming launch of the Al Baraka Gold and Silver Cards".
He added: Al Baraka Egypt responded to the challenges presented by taking a number of pre-emptive measures to minimize any disruption to its operations, liaising with its larger customers and assisting them in operating as normally as possible and to service their debts and commercial obligations.
The Bank opened one new branch during the year, in Orabi, bringing the total network to 22 branches and 4 foreign exchange bureaus, while its ATM network was expanded to 20 from 18 the year before. Its newly launched Al Baraka Islamic Sukuk, a 10-year Egyptian pound issue offering a choice of yield payment intervals ranging from quarterly to final maturity date, was well received in the market, raising EGP125 million within 3 months. It has almost completed its preparations for the launch of its Internet and mobile banking services, only awaiting the full implementation of the second phase of its new core banking system. It also plans to announce the launch of an Islamic credit card in the next few months. During the year it achieved full compliance with the requirements of Basel II, in addition to strengthening its Anti Money Laundering and 'Know your Customer' systems and procedures.
Al Baraka Egypt once again demonstrated its commitment to society by funding the establishment of a surgical unit specializing in brain, nerve and spinal column procedures at Al Shams University Hospital, an intensive care unit at the University of Cairo Hospital and a kidney dialysis unit at Mansoura University Hospital, along with contributions of foodstuff and basic commodities to the needy to mark the Holy month of Ramadan.
Al Baraka Bank Egypt is one the subsidiary banking units of Al Baraka Banking Group . Al Baraka Banking Groupis a Bahrain Joint Stock Company Licensed as an Islamic Wholesale Bank by Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic bank providing its unique services to around one billion people and with Standard and Poors investment grade long term counterparty credit rating of BBB- / A-3 (Short Term). Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of Al Baraka is US$1.5 billion, while total equity amounts to about US$1.8 billion.
The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in fifteen countries, which in turn provide their services through more than 400 branches. Al Baraka is currently having a strong presence in Jordan, Tunisia, Sudan, Turkey, Bahrain, Egypt, Algeria, Pakistan, South Africa, Lebanon, Syria, Indonesia, Libya (under formation), Iraq and Saudi Arabia.Disclaimer:
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© Press Release 2012
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