Bahrain's leading Islamic banking bank Albaraka Banking Group's financial results in the first nine months of 2018 saw positive increases in revenue items, total revenues increased by 10%, net operating income increased by 26% and net profit 2%. Compared to the same period last year.
Fluctuations in local currencies against the US Dollar in the last period of 2018, fluctuations in the number of countries that reported the growth rates of the group units, US dollar profit and asset items.
However, prudent prudent policies to select high-quality assets increased the spending efficiency, increased spending and offered more innovative products across subsidiaries, resulting in good profitability results, increasing total operating income by 10% to $ 808 million. In the first nine months of 2018, the same period of last year was $ 735 million.
Net operating revenue increased $ 26 million to $ 401 million in the same period, up 26% from $ 318 million. a upgraded.
Net income attributable to shareholders increased by $ 97 million to $ 98 million in the first nine months of 2018 compared to the same period of the previous year.
Gross net income also increased by 6% to $ 163 million in the first nine months of 2018 and reached $ 154 million compared to the same period last year. a reached.
Basic and diluted shares per share were 6.69 US cents compared to 7.69 US cents compared to the same period last year.
Acquisition of these extraordinary results, combined with challenging regional and global conditions, aims to strengthen the Group's commitment, continue to implement business expansion strategies, increase market share in local markets, expand branch network and product relations through banking units in 16 countries. High quality and competitive services.
The activities of these units have witnessed a remarkable increase in all financial and investment activities and diversification of income sources, and many have witnessed a good increase in profitability, which expects excellent profitability results throughout the year.
However, the depreciation of the local currencies of some countries in which the Group operates in the face of the US dollar, which is the currency in which the consolidated financial statements are prepared, is affected by the growth rate of assets.
Total assets in September this year were $ 23.3 billion, down 8 percent from $ 25.5 billion at the end of December 2017. The Group holds a large portion of these assets as a liquid asset to invest in financing opportunities and deal with market fluctuations.
Revenue-generating assets totaled $ 17.8 billion at the end of September 2018, down 19 percent from $ 19.1 billion.
Receivables and receivables from bank accounts at the end of September decreased by 7% at the end of December 2017 to $ 19.7 billion. This rate is 82%. Growing customers and bases in the group.
At the end of September 2018, the total depreciation rate was $ 2.2 billion, as a result of the devaluation of the exchange rate and the distribution of cash dividends to shareholders for 2017 by 13%.
As for the third quarter of 2018, total operating income increased by 28% to US $ 296 million, up 29% compared to US $ 231 million, while net operating income was up by 80% to 178 million compared to the same period last year. It was the US dollar. .
Net income for the shareholders decreased by 11% to US $ 24 million in the third quarter of 2018, to US $ 27 million compared to the same period of the previous year and to US $ 41 million in the third quarter. last year.
The basic and diluted share per share for the third quarter was 1.94 US cents compared with the US $ 2,17 compared to the same period last year.
The President of Al Baraka Banking Group, Sheikh Saleh Kamel, stated that the results of the first nine months of the Group in 2018 could be achieved by considering the prevailing regional and global conditions, especially while maintaining the soundness of the Group's assets and liquid balances. financial return from major activities.
Abdullah Al-Saudi, Deputy Chairman, said that Albaraka Banking Group and its subsidiaries are increasingly growing in the markets they operate in, investing in opportunities created in retail and wholesale markets and investing in major projects related to development programs despite unstable global economic conditions. In the first nine months of the year he dominated the world stage.
"In the first nine months of 2018, global and regional fluctuations and regional security tensions, as well as global and regional developments and conditions that have created serious difficulties, including devaluation of local currencies of many of the Group's subsidiaries.
"However, despite all these developments, we have maintained our strong profitability and operational position and have developed our prudential measures within the framework of prudent policies and strategies developed by the Community, and have been implemented by all units.
As for the Group's expansion plans for its branch network, Yousuf said: ı The units of the group have resumed ambitious expansion plans. In the first nine months of 2018, 14 new units opened by the Group reached 689 branches at the end of September 2018. Our branches are 12,837 employees and reflect the role of our departments in creating good jobs for citizens in their communities, and segmental policy is one of the main pillars of the Group's business growth and profitability. "
Considering the prevailing conditions in the Turkish economy in recent months, we are very pleased that we have participated in the issuance of Sabancı certification certificates with Bereket Varlık Kiralama Company, a subsidiary of our banking unit, Al Baraka Turki Bank, and TL 250 million.
While the target amount of the problem was 200 million Turkish Liras, the issue which was 1.68 times higher due to the high demand for these certificates was closed at the level of 250 million Turkish liras.
This tremendous success reflects the sustainability of trust established across all categories of banks and local categories over the past 34 years.