Mubasher: The Bahrain-based Al Baraka Banking Group (ABG) achieved a total net income of $132 million during the first nine months of 2020, which is the same level of profits achieved during the last-year period.
The group allocated 204% higher precautionary provisions to offset the adverse effect of COVID-19 on the businesses of the group and its units. These provisions reached $217 million in the January-September period, according to a recent press release.
Total operating income increased by 24% during the nine-month period to $839 million, while net operating income jumped by 61% to $432 million, underpinned by the group's ability to control expenses.
In the third quarter (Q3) of 2020, the group's net income totalled $42 million, an annual increase of 15%. In the meantime, net operating income rose by 61% to $158 million.
The lender’s total assets grew by 2% by end of September 2020 to reach $26.91 billion, compared to $26.26 billion by the end of December 2019.
“The spread of Corona pandemic created unprecedented challenges for banks and economies worldwide and imposed implementing exceptional measures to alleviate the negative impact of the pandemic. In our group, we launched several and comprehensive initiatives that do not only focus on maintaining the integrity of our financial conditions during the pandemic only, but also provide the required support to the societies in which we operate,” said the group’s board member, President, and Chief Executive, Adnan Ahmed Yousif.
By September-end, the group's network of branches reached a total of 698 branches with 12,319 employees.
Al Baraka Banking Group is dually-listed on Bahrain Bourse (BHB) and Nasdaq Dubai.
