Al Baraka Islamic Bank profit up 26% to BD4.8m

TDT | Manama                      

The Daily Tribune – www.newsofbahrain.com   

Al Baraka Islamic Bank yesterday reported a 26% increase in its full-year 2022 profit also saying that its profits margins were “significantly” impacted by rising interest rates.

Full-year 2022 net income attributable to the equity shareholders of the Parent was BD4.8 million, a 26% increase from BD3.8m reported in the same period a year ago.

For the fourth quarter, net income attributable to the equity shareholders of the Parent was BD797 thousand as compared with BD766m profit earned in the same period last year, i.e. growth of 4%.

The bank also said it continued to increase coverage against specific and expected credit losses to BD2.2m during 2022 as compared with BD6.5mn reported during 2021.

Commenting on the occasion, the Chairman of Al Baraka Islamic Bank Saleh Salman AlKawari, said: “The effects of the pandemic, the war in Ukraine, the rise in prices, the high cost of living, and the interruption of global supply chains have all become challenges that burden countries and peoples.”

“However, we have been able, praise be to Allah, to maintain our steady and strong performance and achieve key strategic milestones towards maintaining stability in our financial performance.”

Hamad A. Al Oqab, the Chief Executive Officer of Al Baraka Islamic Bank, said: “interest rates increased significantly during the year, which had a significant impact on reducing profit margins.”

“In addition, the depreciation of the Pakistani rupee during the year proportionally affected some of our main indicators.

We are proud to have achieved a net profit of BD6.2mn at the end of the year, the highest in the Bank’s history.