Business16 November 20153 min read

Al Baraka Turk profit increases 16 per cent

By DT News Network. A l Baraka Turk Participation Bank, a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG), announced that it had achieved a large increase of 16 per cent in its net profit in the first nine months of 2015 compared to the same period of 2014. It also increased its equi

Editorial Team Legacy

Published 16 November 2015, 8:00 · Updated 21:29

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Al Baraka Turk profit increases 16 per cent

Al Baraka Turk Participation Bank, a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG), announced that it had achieved a large increase of 16 per cent in its net profit in the first nine months of 2015 compared to the same period of 2014. It also increased its equity by 10pc, total assets by 27pc, deposits by 23pc and financing and investments by 20pc at the end of September 2015 comparing to the end of December 2014.

Financial results of the bank showed an increase in total operating income by 20pc to TRY862 million for the first nine months of 2015 compared to the same period in 2014. After deducting operating expenses, net operating income increased by 12pc to TRY265m, while net income reached TRY212m (US$70.6m $1=3 TRY) for first nine months of 2015, an increase of 16pc compared to same period in 2014.

As at the end of September 2015, the assets of the bank increased by 27pc to TRY29.2 billion (US$9.7bn) compared with TRY23bn in December 2014. This increase was invested to finance the growth in financing and investments which increased by 20pc to TRY21.1bn (US$7bn) at the end of September 2015 compared to December 2014.

This growth, in turn, was financed by increasing the bank’s range of investment products and branch network which led to an increase of 22pc in customer deposits and equity of investment account- holders to reach TRY20bn (US$6.8bn) at the end of September 2015, which funded 70pc of the total assets of the bank, reflecting the bank’s strong customer deposit base.

The bank also strengthened its shareholders equity by 10pc to TRY2bn (U$657m) as at the end of September 2015 compared to December 2014.

Chairman of the Board of Directors of Al Baraka Turk Participation Bank and President and Chief Executive of Al Baraka Banking Group Adnan Ahmed Yousif said, “The bank opened 8 new branches over the past nine months, which brought the branch network up to a total of 210 branches. Al Baraka Turkey intends to maintain the momentum of the present rate of branch expansion by opening new branches in accordance with its current plan to establish a network of 300 branches by 2018. Its ATM network is set to expand by a similar order of magnitude”.

Phto Caption : GM of Al Baraka Turk Participation Bank Dr. Fahrettin Yahsi and President & Chief Executive of Al Baraka Banking Group Adnan Ahmed Yousif

Al Baraka Turk profit increases 16 per cent

Editorial Team Legacy

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