Latest news with #AlBaraka
Daily Tribune
a day ago
- Business
- Daily Tribune
Al Baraka posts strong quarterly turnaround
TDT | Manama Al Baraka Group has reported a strong financial turnaround in the first quarter of 2025, reversing last year's losses and delivering a 19% rise in net income attributable to shareholders. The Group registered USD 34 million in total comprehensive income during the quarter, a sharp contrast to a USD 60 million loss in the same period of 2024. Earnings rebound The Group's net income attributable to the parent company's shareholders rose to USD 46 million in Q1 2025, up from USD 39 million last year. Total net income also saw a 19% increase, reaching USD 91 million. Executives credited the gains to rising financing volumes, expanded activity in key markets including Turkey, Jordan, and Egypt, and lower foreign currency translation losses. Basic earnings per share improved to 3.84 US cents, compared to 3.23 US cents in Q1 2024. Strengthening capital Al Baraka's total equity attributable to shareholders and sukuk holders rose 2% to reach USD 1.28 billion, while total equity grew to USD 2.03 billion by the end of March. The Group also recorded a 4% increase in total assets, which stood at USD 27.24 billion, driven by stronger customer deposits and business growth in core markets. Chairman Sheikh Abdullah Saleh Kamel said the Group's performance was anchored in its commitment to strategic expansion, disciplined risk oversight, and continued support for the communities it serves. Innovation focus Group CEO Houssem Ben Haj Amor highlighted the Group's resilience in the face of global uncertainty, citing its focus on long-term financial sustainability, investment returns, and digital banking innovations. Recent initiatives such as the 'Trade Finance Platform' and 'Borderless Banking' are part of the Group's drive to enhance competitiveness across its international network. With operations in 13 countries and over 600 branches, Al Baraka continues to position itself as a key Islamic financial player committed to growth and innovation in a changing global environment.
Biz Bahrain
2 days ago
- Business
- Biz Bahrain
Al Baraka Group continues outstanding performance in Q1 2025
Al Baraka Group B.S.C. (c) ('the Group') continued to achieve strong financial results, recording significant growth in profitability and operational metrics during the first quarter of 2025. The net income attributable to the parent company's shareholders rose by 19% to reach USD 46 million, compared to USD 39 million in Q1 2024. Basic earnings per share stood at 3.84 US cents in Q1 2025, up from 3.23 US cents in the same quarter of 2024. This substantial improvement is attributed mainly to the growth in financing volumes and business expansion in key markets such as Turkey, Jordan, and Egypt, which positively impacted the Group's operating income. The Group also announced a notable increase in total comprehensive income attributable to Al Baraka shareholders, registering profits of USD 34 million by the end of Q1 2025, compared to a loss of USD 60 million during the same period last year. This improvement was primarily due to a reduction in the foreign currency translation reserve. Additionally, the Group recorded a significant 19% upsurge in total net income, which reached USD 91 million in Q1 2025, up from USD 77 million in the same period of 2024. This was mainly driven by increased profits from financing and investments in the Group's key banking subsidiaries ('Units'), along with a reduction in provisions despite the continued rise in funding costs. The transfer of 2024's net income to retained earnings, combined with the recorded net income for Q1 2025, led to a 2% rise in total equity attributable to the parent company's shareholders and sukuk holders, reaching USD 1.28 billion by the end of March 2025, compared to USD 1.24 billion as of the end of December 2024. Total equity reached USD 2.03 billion at the end of March 2025, up from USD 2.00 billion in December 2024, marking a 1% increase for the same reasons. Driven by business growth and an expanding customer base, the Group saw an increase in both financing and deposits, particularly in its main markets. As a result, total assets grew to USD 27.24 billion by the end of March 2025, compared to USD 26.19 billion at the end of 2024, reflecting a 4% growth. Commenting on these results, Sheikh Abdullah Saleh Kamel, Chairman of the Board, said: 'In the first quarter of 2025 Al Baraka Group successfully built upon the strong financial performance achieved last year. The Group continued to strengthen its presence and expand its market share in the key countries where it operates, remaining vigilant against adverse global economic and financial conditions while steadily advancing business growth, financing, and deposits. This has significantly boosted income and net profits. We shall continue leveraging our strong financial resources and broad network to enhance our business and customer base and maximize investment returns, while remaining committed to serving the communities where we operate.' Mr. Houssem Ben Haj Amor, Board Member and Group CEO, added: 'Despite the volatile investment climate and uncertainty stemming from regional and global geopolitical and economic developments, the Group and its Units have acquired deep experience in adapting to such conditions. Meanwhile, the Group continues to focus on its core objectives of strengthening financial resilience and increasing returns from financing and investment portfolios through building market confidence in our products and services, and leveraging our banking competencies that continuously work on innovative solutions, which boost our competitiveness. Such innovations include the 'Trade Finance Platform' and the 'Borderless Banking' initiatives, which we launched last year. We also continue to maintain comprehensive oversight of risks, compliance, and governance controls.'
Daily Tribune
27-05-2025
- Business
- Daily Tribune
Al Baraka to power Islamic Economy Summit
TDT | Manama Bahrain-based Al Baraka Group has been confirmed as a global partner of the 2nd Global Islamic Economy Summit, a major international forum on Sharia-compliant finance set to take place in Istanbul later this week. The event, which will run from May 30th to June 1st at the Istanbul Financial Center, brings together policymakers, banking leaders and economists under the theme 'Islamic Economics Strategies: Path to an Influential Global Economy'. The summit is expected to be inaugurated by the President of Türkiye, His Excellency Recep Tayyip Erdogan. Focus on ESG As part of its involvement, Al Baraka will support the launch of the new AlBaraka Islamic ESG Index, developed in collaboration with Spectreco. The index aims to integrate ethical finance standards with Islamic economic principles. Sessions during the summit will also include panel discussions on sustainable growth, Islamic entrepreneurship, central bank strategy, and social impact investing, reflecting a broad agenda aligned with the UN's sustainable development goals. Continuing a legacy Houssem Ben Haj Amor, Board Member and Group CEO of Al Baraka Group, said the bank's role in the summit reflects its longstanding commitment to shaping the future of Islamic finance. 'This sponsorship reinforces our mission to advance Sharia-compliant economic foundations across borders,' he said. Al Baraka Group operates through more than 600 branches in 13 countries, offering Islamic financial services to a population of nearly one billion.
Zawya
13-05-2025
- Business
- Zawya
Al Baraka Bank Egypt sees 72.4% YoY consolidated profit surge in Q1 2025
Arab Finance: Al Baraka Bank Egypt recorded a 72.36% year-on-year (YoY) jump in its consolidated net profits attributable to the bank for the first quarter (Q1) of 2025, logging EGP 953.712 million, versus EGP 553.295 million, a statement showed. Net interest income stood at EGP 1.811 billion in Q1 2025, up from EGP 1.339 billion in the same period last year. The lender's standalone net profits after tax stood at EGP 958.947 million in Q1 2025, compared to EGP 555.019 million in Q1 2024. Established in 1980, Al Baraka Bank offers retail, corporate, treasury, and investment banking services that are applied in accordance with the principles of Islamic Sharia. It contributes to the finance of small and medium enterprises (SMEs). © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
06-05-2025
- Business
- Zawya
Al Baraka Bank Egypt expands its network with two new branches in Sheikh Zayed and New Cairo
Cairo – As part of its ongoing commitment to expanding its geographic footprint and offering high-quality banking services, Al Baraka Bank Egypt has announced the opening of two new branches in SODIC West Town in Sheikh Zayed and SODIC East Town in New Cairo. This brings the total number of the bank's branches across Egypt to 42. These openings come in line with the bank's ambitious strategy to strengthen its branch network and increase its presence in dynamic and fast-growing communities. The aim is to meet the evolving needs of its expanding client base while offering a more efficient and seamless banking experience. The inauguration ceremonies were attended by Mr. Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, alongside members of the executive committee, including Mr. Abdel Aziz Samir, Deputy CEO for Consumer Banking; Mr. Mostafa El Aroussy, Deputy CEO for Investment and Corporate Banking; Mr. Karim Namek, Chief Financial Markets Officer; Mr. Moataz El Kasaby, Chief Operating Officer; and Mr. Hesham Abdel Salam, Chief Financial Officer. In parallel, Al Baraka Bank Egypt is preparing to open three additional branches this year, aiming to reach 45 branches by the end of 2025. The bank also plans to introduce two digital branches (e-branches) as part of its broader digital transformation strategy and efforts to expand smart service channels. Commenting on the occasion, Mr. Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, stated: "The opening of these two branches marks another milestone in our strategic expansion journey and reinforces our commitment to delivering advanced and diverse banking services that meet our customers' expectations. We are consistently working to better understand and address the needs of individuals and businesses, and we will continue to expand in strategic locations to support both community and economic development, in line with the Central Bank of Egypt's vision to promote financial inclusion." This geographical expansion reflects Al Baraka Bank Egypt's comprehensive vision of providing inclusive banking services that enhance quality of life and support business growth. The opening of the two new branches stands as a practical step in this direction, underscoring the bank's dedication not only to proximity through physical presence but also to delivering a distinguished banking experience based on quality and a wide range of financial solutions.
