Al Baraka Bank Algeria, a subsidiary of Bahrain-based Al Baraka Banking Group (ABG), has announced that its net income for the first nine months of the year increased 3.7 per cent to $38 million when compared with the same period a year ago.

Over the same period, the bank's total assets increased by one per cent to $1.9 billion, financings and investments by 26 per cent and deposits by 3.5 per cent to $1.6 billion, said a report in the Gulf Daily News (GDN), our sister publication.

Total operating income was $66 million.

Shareholder equity amounted to $261 million as at the end of September.

"The bank was able, through expanding in products and services and diversifying income sources, to maintain the income at good levels, despite the cancellation or putting ceilings on some commissions related to foreign trade," Al Baraka Bank Algeria chairman and ABG president and chief executive Adnan Ahmed Yousif said.

"The bank was able to make the most of the opportunities available in the promising Algerian market building upon its strong financial resources and the strong support of the parent company." - TradeArabia News Service