Al Baraka Bank South Africa, a subsidiary of Al Baraka Banking Group based in Bahrain, announces for the first half of 2019, a net profit up 64% over the same period in 2018.
In the financial statements reported in a bank press release, it is noted that total operating income increased by 7% to $ 13.5 million. Net operating income increased 47% to $ 4.8 million, while net income increased 64% to $ 3.7 million in the first half of 2019 compared to the same period last year. last year.
The bank’s total assets totaled $ 503 million at the end of June 2019 for a 6% increase.
The financing and investment portfolio increased 9% to $ 452 million.
Adnan Ahmed Yousif, chairman of the board of Al Baraka Bank South Africa and P & CE of the banking group, said: “Al Baraka Bank in South Africa enjoys an excellent reputation for compliance Sharia and ethical banking services provided to individuals and businesses. The Bank plays an important role in economic growth by attracting deposits of different categories and reorienting them in the form of financing and investments, where its share reaches 17% of the Islamic bank account deposit market and 48% of the investment market. the local market “.
In Africa, the banking group Al Baraka is established in Egypt, Tunis, Sudan, South Africa, Algeria and Morocco.
