MANAMA: Al Baraka Bank Algeria, a banking unit of Bahrain-based Al Baraka Banking Group (ABG), has achieved 23 per cent growth in net income at $53 million for 2019 when compared with the figure for 2018.

The bank achieved 12pc growth in total operating income to $115m due to the growth of the documentary credit business and the expansion of products and services provided.

After deducting all operating expenses, net operating income increased by 14pc to $80m in 2019 compared with 2018.

Assets amounted to $2.2 billion at the end of December 2019, a decrease of 3pc compared with 2018, due to the decline in customer deposits during the past year.

Deposits decreased by 5pc to $1.8bn in 2019, compared with 2018.

The amount of financing and investments amounted to $1.3bn at the end of December 2019, a slight decrease of 1pc compared with December 2018.

Total shareholders’ equity increased by 14pc to $220m at the end of December 2019 compared with the year 2018.

Al Baraka Bank Algeria chairman and president and chief executive of ABG Adnan Ahmed Yousif expressed his pleasure with these results, praising the great efforts made by the executive management and all employees to achieve them.

Mr Yousif also extended congratulations to Buray Mohand on his appointment to the board of directors of Al Baraka Bank Algeria as a representative of the Agriculture and Rural Development Bank, and his becoming vice-chairman in the bank.

Mohamed Hafid, board member and general manager, said thanks to its capital and human capabilities, the bank was able to maximise the benefit from the available financing and investment opportunities and continues to achieve good results by providing excellent banking services and products through its 31 branches in the main cities in Algeria.

He added that the bank has put in place a strategy for digital transformation of both customer services and the internal processes, including using robotics and artificial intelligence.

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