Al Baraka Banking Group (ABG) crossed a net income of $207 million in the first nine months of 2014, as compared to the corresponding period 2013. Similarly, statement of financial positions witnessed good increases. Total assets touched $22.5 billion and total equity crossed $2 billion at end of September 2014.
These results affirm the Group's ability to accommodate the financial and economic fluctuations regionally and internationally and to achieve the growth in profitability in businesses. Al Baraka Bank Pakistan is one of the leading members of Al Baraka Banking Group.
Commenting on these results, Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group, said "We are very proud to see continuing growth in the revenue and business of Al Baraka Banking Group and further elevation in its regional and global standing with the near end of 2014, this year which is considered difficult given the continuation of the challenging economic and financial conditions and extremely complicated Arab political developments. We consider the outstanding results achieved in first nine months of 2014 as an embodiment of the success of the business model that we followed since the founding of the Group, a model that reflects the true values of Islamic banking and far-sighted business strategies, supported by outstanding management expertise capable of creatively translating these values and strategies to facts on the ground. Therefore, we are optimistic about the future, and we make every effort to serve the communities in which we operate and provide products with high added value that contribute to their development and evolution. "
Adnan Ahmed Yousif, Member of the Board of Directors and President & Chief Executive of Al Baraka Banking Group, said "these results were the outcome of a number of initiatives that we had launched during the year, including continually improving the quality of our products and services, introducing more innovative products, expanding the branch network of ABG subsidiary units, strengthening relationships with our partners, investors and customers, and entering new markets as well as modernising and developing our human, operational, regulatory and technical infrastructures both at Group level and subsidiary banking units levels. All these initiatives have contributed to maximising the returns to the shareholders and investors of the Group, thanks to the wide range of expertise we possess in the markets in which our units operate and the Group's substantial financial and technical resources and the wide geographic network of the subsidiary units of the Group."-PR
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