Al Baraka Banking Group records a 34% growth in net income 

Published 15 Nov 2021 via bizbahrain–Al Baraka Banking Group B.S.C (The Group), the leading Islamic banking multinational, which is headquartered in Bahrain and traded on the Bahrain Bourse and Nasdaq Dubai (under the trading code “BARKA”), announced its financial results for the third quarter of 2021.

Q3 2021 Business Performance: The Group announced Net Income of US$ 37 millionattributable to shareholders of the parent company, for the third quarter of 2021, compared to US$ 20 million for the same period last year, a surge of 85%. The basic and diluted Earnings per Share for the third quarter of 2021 was US Cents 3.04, compared to US Cents 1.62 for the same period of 2020.

The Group’s Total Net Income recorded during the third quarter of 2021 was US$ 53 million, compared to US$ 42 million for the same period of 2020, registering an increase of 25%. This was due partially to the lower provisioning levels allocated during the period, owing to the gradually improving macro-economic conditions in most of the countries of the Group’s operations. Indeed, the Net Allowances for expected credit losses for the third quarter of 2021 reduced by 65% to US$ 32 million from US$ 91 million during the same period last year.