Al Baraka Islamic Bank Reports BD4.8 million Net Income Attributable to the Equity shareholders of the parent for the year ended 31 December 2022
Al Baraka Islamic Bank reported net income attributable to the equity shareholders of the Parent for the twelve months ended 31 December 2022 of BD4.8mn compared to BD3.8mn reported same period last year, i.e. a growth of 26%, in addition, the Bank reported net income attributable to the equity shareholders of the Parent in the fourth quarter of 2022 of BD797 thousand as compared with BD766mn profit earned in same period last year, i.e. growth of 4%. In line with its policies, the Bank continued to adopt its cautious and conservative approach and continued to increase coverage against specific and expected credit losses amounted to BD2.2mn during 2022 as compared with BD6.5mn reported during 2021.
Commenting on the occasion, the Chairman of Al Baraka Islamic Bank Mr. Saleh Salman AlKawari, said: "we praise and thank Allah Almighty for facilitating another year of achievements and success, despite the difficult circumstances around the world. The effects of the pandemic, the war in Ukraine, the rise in prices, the high cost of living, and the interruption of global supply chains have all become challenges that burden countries and peoples. However, we have been able, praise be to Allah, to maintain our steady and strong performance and achieve key strategic milestones towards maintaining stability in our financial performance. We will continue to take all necessary measures to maintain these achievements”.
Commenting on these results, Mr. Hamad A. Al Oqab, the Chief Executive Officer of Al Baraka Islamic Bank, said: “interest rates increased significantly during the year, which had a significant impact on reducing profit margins. In addition, the depreciation of the Pakistani rupee during the year proportionally affected some of our main indicators. We are proud to have achieved a net profit of BD6.2mn at the end of the year, the highest in the Bank's history. This achievement is a result of Allah the Almighty's grace as well as the efforts of our employees who have contributed to our success. Moreover, I would like to thank the Central Bank of Bahrain, the Ministry of Industry and Commerce, and all regulatory authorities for their cooperation and support. I would like to express my sincere gratitude to all of our shareholders, customers and employees for their support and assistance in achieving this remarkable success”.
Al Baraka Islamic Bank was established in 1984 in Bahrain and has achieved great strides in innovation and quality of service since then. In addition to providing Islamic banking products and services to local and international customers, the Bank ranks among the leading providers. Its primary objective is to develop innovative and distinctive investment solutions based on Islamic Sharia principles and supported by its financial solutions.
For any further information, kindly visit our website at www.albaraka.bh or call us on 13300400.