Al Baraka Bank Tunis H1 net income soars

Al Baraka Bank Tunis, a subsidiary banking unit of Al Baraka Banking Group (ABG), announced recording a 563 per cent increase in its net income during the first half of 2019 compared to the same period last year. H1 total income stood at US$ 23 million, up by 38pc compared to the same period last year. After deducting operating expenses, net operating income increased by 38pc, reaching US$ 15.5m.

After deducting provisions and taxes, net income stood at US$ 3.8m in H1 2019, increasing by 563 pc compared to the same period last year. Total assets stood at US$ 766m as at the end of June 2019, an increase of 11pc compared to the end of 2018. Net financing and investments portfolio grew by 2pc to reach US$ 404m by the end of June 2019. The increase in assets was financed by 19pc increase in customer deposits including IAH to reach US$ 692m, funding 90pc of total assets.

Abdul Elah Sabbahi, Chairman of the Board of Directors of Al Baraka Bank Tunis said “The political, economic and social transitions continued in Tunisia during the first half of the year, creating challenging investment environment. Despite this, the Bank was able, by the grace of Allah Almighty and thanks to large efforts of the executive management and all employees of the Bank, to achieve excellent operating and earning results in the first half of 2019”.

Adnan Ahmed Yousif, Board Member of Al Baraka Tunis and President & Chief Executive of Al Baraka Banking Group said, “Having successfully completed its transformation into a local bank, Al Baraka Bank Tunis has been distinguished in the local market by offering full financing, saving and commercial banking services to individuals and companies, as well as by its premium social contributions to the society.”

Commenting on the result, Mohamed El Moncer, the General Manager of Al Baraka Bank Tunis said: “Through its network of 37 branches spread across different cities and vital areas in Tunisia, the Bank offers a full range of banking services for individuals, professionals and companies. “ Looking ahead, ABG said it has developed a three-year roadmap for the digital transformation of its operations, and implementation has begun with the use of specialized consultants.

The Bank said it is looking to improve customer relationship management using data from digital channels while relying on social media and other means to market its products more effectively The Bank has also signed an agreement with the trade finance arm of the Islamic Development Bank Group to expand their cooperation and enhance the Bank’s role in financing Tunisian imports.