Al Baraka Bank Algeria, a subsidiary banking unit of Al Baraka Banking Group (ABG), achieved good financial results, growth in businesses and expansion in branch network last year.

The bank's assets grew by six per cent to reach $1.96 billion last year, compared with 2012, it was revealed at the bank's Annual General Meeting, reported the Gulf Daily News, our sister publication.

Finance liquidity balances as well as financings and investments portfolio increased by nine per cent to reach $813 million at the end of 2013. This growth was funded by increasing the range of the bank's financing products and branch network.

This resulted in a 3 per cent increase in customer deposits and equity of investment account holders to reach $1.54 billion as at the end of 2013, funding 78 per cent of the bank's total assets.

The asset growth was also partly funded by 3 per cent increase in shareholder equity which amounted to $276 million at the end of 2013.

Total operating income reached $102 million in 2013. After deducting operating expenses which grew by 10 per cent, net operating income was $63 million in 2013.

"The bank's performance in 2013 was good in general and it is proof that it is well established in the Algerian market," Al Baraka Bank Algeria chairman and ABG president and chief executive Adnan Ahmed Yousif said.

The bank was able to build upon the strong financial resources that it possesses and also benefit from the strong support that the parent company ABG extends to its subsidiary banks to enhance its human resources and diversify the services and products that it offers, he added.

Al Baraka Algeria, thanks to its rich capital and human resources, was able to benefit from the strong performance of the Algerian economy, general manager Mohammed Seddik Hafid said.

During 2013, the bank expanded its ATM service alongside its branch network, with 16 having ATMs and eventually extending it to all branches, he added.-TradeArabia News Service