ABG Tunisia doubles; net income to TD4M

Manama 

Al Baraka Bank Tunisia, a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG), said its net income for the first quarter of 2015 doubled from a year ago quarter  as net operating income jumped 67pc.  

The bank's net income for the quarter (after allocating for provisions taxation) rose 100 per cent to TD4 million (US$2.1m) from TD2m a year ago. 

After deducting operating expenses, which increased by 18%, net operating income reached TD5m compared to TD3m in the prior year quarter. 

Total income rose 22pc to TD11m,which according to the bank reflects its success in diversifying and increasing sources of income through providing products and services in line with clients needs from individuals and companies. 

Total assets increased by 14pc to TD 1.4 billion (US$ 708m), financing and investment portfolio by 15pc to reach TD 1.1bn, and customer deposits by 15pc to TD 1.2bn at the end of March 2015 compared to the end of December 2014.

The Bank’s equity remained almost unchanged from the end of December 2014's level at TD166m (US$85m) as at the end of March 2015.

On this occasion, Abdul Elah Sabbahi Chairman of Al Baraka Bank Tunisia said: "The good results achieved by Al Baraka Bank Tunisia during the first quarter of 2015 confirms the success of the important step taken by the Bank in the transformation to an integrated bank providing full banking services, including retail and wholesale banking services, and various financial and investment products, as well as launching of an ambitious plan for geographic expansion and strengthening of human and technical infrastructure of the Bank, in addition to the generous support provided by the parent company, Al Baraka Banking Group. All these factors provide the Bank significant opportunities for growth and expansion during the next phase. "

Adnan Ahmed Yousif, member of the Board of Directors and President and Chief Executive of Al Baraka Banking Group said, “Over the past year, the Bank opened 5 new branches, including three exchange bureaus. It was up to the first quarter of this year, the Bank opened another two new branches, bringing the number of branches to 15 branches. According to the five-year plan for expansion, the Bank intends to establish a network of 41 branches by 2019.”

Fraj Zaag, member of the Board of Directors & General Manager of the Bank said that Al Baraka Bank Tunisia plans to unveil products in the current year 2015, including students’ loan and study accounts. Similarly, its current ATM network will be expanded in 2015 to 70 machines, dealing with local currency transactions, with 58 dealing machines in foreign exchange.