Al Baraka Bank net income falls 17% for full-year 2019, Europe business plunges 95%
Bahrain-based Al Baraka Banking Group reported a 16.84% fall in net income for the full-year 2019 to $180.2 million compared to $216.7 million in 2018.
Its Europe segment saw the biggest drop in net income, from $48.42 million in 2018 to $2.47 million in 2019, a plunge of 94.9%. Turkey falls under the Group’s Europe segment.
The bank said in a bourse filing on Monday (Feb 24) net income was hit by “monetary and geopolitical developments that prevailed during most months of the year in countries where the Group’s units operate”.
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