MANAMA: Bahrain-based Islamic lender Al Baraka Banking Group said on Sunday that its net income for the second quarter totalled $42 million, up 11 per cent from the prior-year period, mainly driven by higher revenues from core operations.
The bank, which has operations across the Middle East, Asia and Africa, reported net income attributable to equity holders for the first six months of this year of $79m, up 12%. Total operating income during the second quarter rose 16 per cent to $239 million. Total assets rose 2 per cent during the first half of 2013 compared to the end of 2012; they stood at $19.5 billion at end-June.
“In spite of moderate growth in the size of assets, the rate of profit growth was much larger, which is a clear indication of improved productivity of the group’s operating assets,” CEO Adnan Ahmed Yousif said .