Al Baraka Group posts Q3, nine-month profits

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

Al Baraka Group yesterday reported third quarter 2023 net income attributable to shareholders of the parent company of US$ 37 million, compared to US$ 41m in 2022, representing a decrease of 10%, primarily due to the high cost of funding and the depreciation of regional currencies against the US dollar.

Earnings per share was 3.08 US Cents compared with 3.41 US Cents for the same period of 2022.

Total net income increased by 10% to US$ 77m compared to US$ 70m during the same period in 2022.

Nine-month results

Net income attributable to equity holders of the parent company was US$ 126m, equal to the Group’s figures during the same time period in 2022.

This was due to the high income from financing and investments which was offset the elevated cost of funding and the depreciation of regional currencies against the US dollar.

Earnings per Share was 8.96 US Cents, down from 9.09 US Cents during the same period in 2022.

The continued improvement in the performance and cost-cutting measures of its banking units led to the increase in total net income to US$ 247m compared to US$ 207m in 2022, an increase of 19%.

Sheikh Abdullah Saleh Kamel, Chairman of the Board of Directors of Al Baraka Group, expressed his satisfaction with the profits, which he said, “underscores our flexibility and ability to adapt when it comes to global market fluctuations and the challenges they present.”

Houssem Ben Haj Amor, Group Chief Executive Officer and Board Executive Member of Al Baraka Group, said; “Our strong performance is a result of our increased focus on enhanced investments and our improved operational performance.”