JEDDAH, 10 December 2006 — Albaraka Banking Group (ABG), a Bahrain-based Islamic banking group, continued to achieve excellent growth in total assets, and net income, an ABG statement said here yesterday, announcing the financial results for the first nine months of 2006.
The results show strong growth in the total operating income of $232 million for the first nine months of 2006, compared to $201 million for the same period last year, reflecting an increase of 30 percent in the total operating profit during the third quarter of this year. Most components of the income witnessed noticeable increases, especially Income from Islamic financing and investment transactions.
The core financing and investment activities also showed a noticeable growth. Total assets as at end of September 2006 were $7.4 billion, compared to $5.8 billion as at end of Sept. 30, 2005, thereby reflecting an increase of 28 percent. Sales receivable grew by $1.2 billion to reach $3.9 billion. Similarly, customer deposit accounts, other accounts and unrestricted investment accounts recorded substantial increases amounting to $1.1 billion to reach $5.6 billion, representing a growth of 23 percent.
The net income was $83.05 million during the first nine months of 2006, up 39 percent, compared to $59.67 million for the period ended Sept. 30, 2005.
In addition, the net income after deducting minority interest share reached $50.96 million during the first nine months of 2006, up 34 percent, compared to $38.11 million for the period ended Sept. 30, 2005.
