Total operating income of $676 million in the first nine months of 2013 increased by five per cent over the same period in 2012. After deducting all operating expenses, net operating income amounted to $320 million in first nine months of 2013, which represents an increase of three per cent compared to the net operating income during the same period of 2012. Net income amounted to $197 in first nine months of 2013 while net income attributable to parent’s shareholders amounted to $112 million, up five per cent.

In regards to results of the third quarter of 2013 in comparing to the same period last year, total operating income reached US$ 206 million, which represent a decrease of 11 per cent. Net income reached $57 million compared to $63 million for the same period last year, which reflects a decrease of nine per cent. The net income attributable to parent’s shareholders amounted to $33 million, down eight per cent. This decrease was mainly due to the effect of the currency fluctuation in the countries where ABG subsidiaries operates.

Total assets amounted to $19.9 billion as at the end of September 2013, an increase of four per cent over the comparative figure as at the end of 2012. Financing and investments amounted to $15 billion as at the end of September 2013, up five per cent from end-December 2012. Customer accounts witnessed a moderate increase of two per cent to $16.7 billion over the same period. Total equity at the end of September 2013 amounted to $1.95 billion.

HE Shaikh Saleh Abdulla Kamel, Chairman of Al Baraka Banking Group, said, “We are pleased to see the Group’s ability to continue to build on the remarkable successes through achieving good profits, whilst implementing its ambitious plans for expansion in its existing markets and elsewhere, despite that the last months of 2013 saw continuation in the adverse market and economic conditions and the unstable regional situation. Thanks to God and the Islamic banking business model, Al Baraka Banking Group has not been affected by the crisis, further endorsing the soundness of the Group’s business strategies both short and long terms.”

Abdulla Ammar Al Saudi, Vice Chairman of Al Baraka Banking Group said, “These results were excellent and thanks and appreciation should go to the large efforts of the executive managements of the Group and subsidiary units in consolidating their strategies and resources, and seizing growing opportunities in their markets, especially that these units possess long experience in these markets, which enable them to contribute effectively in developing their communities and clients, and at the same time embody the rich values of Islamic banking. Al Baraka Banking Group possesses robust capital resources that will enable it meet the challenges and achieve successes.”

Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group, said that, “The excellent financial results achieved by the Group during the first nine months of 2013 were the fruits of the Group’s sound business strategies, which are based on a number of objectives, programs and initiatives that aim to achieve a strong growth in earnings in all areas of our operations. We possess a diversified geographical presence, a thorough knowledge of the markets and Islamic banking products, the financial strength and the strong, wide branch network which is the largest amongst Islamic banking institutions. The last months of 2013 witnessed also many outstanding achievements and initiatives that translated these strategies to real successes on the ground in reaffirmation of our determination to continue with our expansion and modernization plans. This once more proves the ability of Al Baraka Banking Group to overcome the effects of adverse developments and achieve positive results.”

With regard to the Group’s plans to expand its branch network, the President & Chief Executive said that, “The subsidiary units of the Group in Turkey, Egypt, and Sudan continued opening new branches, with total branches reaching 436 branches employing 9,675 employees at present, and we expect to add new branches this year.”

The last few weeks saw the success of Al Baraka Turk Participation Bank in concluding the largest Islamic deal in Turkey in the form of a syndicated Shari’ah-compliant Murabaha financing, raising a total of $430 million. A total of 23 banks from 15 countries participated in the facility. The deal follows earlier syndicated Murabaha financings raised by the bank in 2010, 2011 and 2012.

*This article was published on 11 November 2013 by CPI Financial. Read the original article here.