Leading Bahrain-based Islamic bank, Al Baraka Banking Group, achieved a net income of $183 million in the first nine months of the year, an increase of 10 per cent on the first nine months of last year.

The continued expansion in business reflected positively on income, with total operating income of $643 million in the first nine months, an increase of 20 per cent, according to a report in our sister publication the Gulf Daily News.

The total assets of the group amounted to $18.4 billion at the end of third quarter, an increase of 7 per cent over the comparative figure as at the end of 2011.

As for the results of the third quarter of 2012 compared to third quarter of 2011, the financial statement showed that the net income for the third quarter amounted to $63 million compared to $56 million for the same period last year, an increase of 12 per cent.

"We are very proud to see continuing growth in the revenue and business of Al Baraka Banking Group and further elevation in its regional and global standing with the near end of 2012, which is considered a difficult year by all standards given the continuation of negative economic and financial conditions and extremely complicated Arab political developments," said chairman Shaikh Saleh Abdullah Kamel.

"We consider the outstanding results achieved in first nine months of 2012 as an embodiment of the success of the business model that we followed since the founding of the group, a model that reflects the true values of Islamic banking and far-sighted business strategies, supported by outstanding management expertise capable of creatively translating these values and strategies to facts on the ground. For all these strength factors, we are optimistic about the continuation of the excellent performance of the group in future."

"The excellent results that we achieved during the first nine months of 2012 highlight our determination to continue investing our substantial financial resources and expertise and the wide geographic network of the subsidiary units of the group in maximising returns to our shareholders and investors in the group," said president and chief executive Adnan Yousif.

"The subsidiary units of the group in Turkey, Egypt, Jordan and South Africa continued their expansion by opening new branches in the first nine months of the year and this has a direct positive impact on growing their deposit base and financing portfolios.

"Total branches of our units in 13 countries increased from 399 branches as at the end of December 2011 to 417 branches.

"We expect total branches of the group's units to exceed 500 during the coming three years,” Yousif added. – TradeArabia News Service