Al Baraka banking group reports net income attributable to equity shareholder of US$ 113mln

Al Baraka banking group reports net income attributable to equity shareholder of US$ 113mln

Al Baraka Banking Group BSC (ABG), Bahrain Bourse and Nasdaq Dubai trading code “BARKA” announced its financial results for the 2021 year including the fourth quarter of 2021. For the fourth quarter of 2021, the Group reported a net income attributable to the equity holders of the ABG parent of US$ 23 million compared to a loss of US$ (380) thousand during the fourth quarter of 2020. The increase in net profit is due to a combination of factors including: expense control, reduction in provisions as well as tax savings compared to the same period last year. The Basic and Diluted Earnings per Share were US Cents 0.62 compared to US Cents (1.3) during the corresponding period of last year. Net income increased by 29.1% to US$ 43 million in Q4/2021 compared to US$34 million in Q4, 2020 and total operating income was US$ 318 million in Q4/2021 (Q4/2020: US$ 301 million, +5.8%). For the full 2021 year results, the Group reported net income attributable to the equity holders of the ABG parent was US$ 113 million compared to US$ 67 million in 2020, marking an increase of 69.3%. Correspondingly, the Basic and Diluted Earnings per Share in 2021 were