MANAMA: The Bahrain-based Islamic banking group Al Baraka Banking Group BSC (ABG) announced that it achieved a net income of $258 million in 2013, a noticeable increase of 10% over the income achieved in 2012. Similarly, net income for the fourth quarter of 2013 increased by 17% to reach $61 million. The balance sheet items witnessed good increases as well. Total assets increased by 10%, total finance and investments by 7% and customer accounts by 8% at the end of December 2013 in comparison with December 2012. The group’s results in year 2013 emphasised the integrity and sustainability of its business strategies, which are based on the continued improvement of the quality of earning assets, diversification of income resources, expansion in branch network and geographical presence.
Published in The Express Tribune, February 25th, 2014.
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