Al Baraka Bank Sudan profit up 176% to SDG 64m

Manama : Al Baraka Bank Sudan, a subsidiary banking unit of Al Baraka Banking Group (ABG), announced a 176 per cent jump in its net profits in the first half of 2016 compared to prior year period, thanks to its success in diversifying income sources from commissions, fees and financing. 

Total income achieved a big jump of 57pc to reach SDG144 million. After deducting operating expenses, which increased by 10pc, net operating income increased by 146pc to reach SDG79 million in the first half of 2016 compared to the same period of 2015. After allocating for provisions and taxation, net income for the first half of 2016 increased to SGD64m, doubling by 176pc compared to the first half of 2015.

Total assets increased by 7pc to SGD2.4 billion as at the end of June 2016, financing and investments portfolio increased by 3pc to SGD1.3bn, when compared to the end of 2015. Customer accounts reached SGD1.7bn at the end of June 2016, up by 3pc also during the same period. On this occasion Adnan Ahmed Yousif, Chairman of Al Baraka Bank Sudan and President & Chief Executive of Al Baraka Banking Group said: We are pleased to see the Bank’s excellent performance and impressive results for the second consecutive quarter during 2016.”

For his part, Abdullah Khairy Hamid, the General Manager of Al Baraka Bank Sudan said, “The bank is planning to open a new branch in Khartoum Governorate, while progressing with plans for a new headquarters building in the capital. It anticipates adding one branch each year for the next five years, expanding the network to 31 by 2020.”