MANAMA, 15 January 2008 — Al-Baraka Islamic Bank, one of the units of Bahrain-headquartered Al-Baraka Banking Group (ABG), is keen to bolster its branch network in Pakistan with a projection to increase the network to 30 from the existing 18 by the end of the year. The announcement came on the heels of strong financial results from that subsidiary as the bank’s total assets increased by 15.1 percent to $357 million and net profits by a remarkable 90 percent to $5.3 million at the end of 2007.
The bank in a statement said its operations in Pakistan achieved a substantial growth in 2007 in terms of revenue, operation and branch network. About the results of its operations in Pakistan, the bank said that it had achieved all the targets set for 2007. The financing operations of the bank witnessed an increase in the number and diversity of its consumer finance products leading to an increase in financing to $207 million at the end of 2007.
The bank concentrated primarily on financing foreign trade with an increase in the volume of the business financed which amounted to $462 million during 2007. In line of this growth, the bank was able to attract more client deposits, which increased by 23 percent to $280 million.
Adnan Ahmed Yousif, chief executive officer of the ABG said that the excellent performance in Pakistan is a clear proof of the success of the group’s programs in ensuring that its banking units, especially in a promising market like Pakistan, have all the financial, technical and human capabilities that enable them to exploit opportunities in the best possible manner, within the framework of a mon strategic direction that highlights the image of the group as the leading Islamic banking institution.
