Albarka Bank Pakistan, a subsidiary banking unit of Al Barka Banking Group BSC (ABG) announced an increase of 177% operating income in the year 2011.

Shareholders’ equity is increased by 6.6%, total assets grow by 9%, total customers’ deposit and financing and investment increase by 24.8% and 28% at the end of year 2011.

The total operating income of the bank reached to the level of PKR 2.2 billion which is 177% increase as compared to previous year. However, after the deduction of operating expenses the net income reported is around PKR 140 million which is around 140% more than the net income reported last year.

The Total Assets of the bank has reached to the level of PKR 72.5 billion with an increase of around 19%. This increase was used to finance the 28% increase in finance and investments in the year 2011 as compared to 2010. The bank’s deposit base inclusive of IAH reached to PKR 61.6 billion in 2011; funding 85% of total assets.

The bank also enhanced its shareholders’ equity by 6.6% and reached the level of around PKR 6.52 billion at the end of 2011.

Mr. Adnan Ahmed Yousif, President and CEO of Al Barka Banking Group said,” Keeping in view the difficult political and economic conditions in the global market in general and particularly in Pakistan in the year 2011, where the Pakistani economy could grow by only 2.4%, the bank has shown good progress”.

The merger took place on the October 29, 2010 between Al Baraka Islamic Bank, Pakistan and Emirates Islamic Global Bank-Pakistan and the combined entity was named as Al Baraka Bank (Pakistan) Limited.

The bank has plans of opening new 111 branches over next 5 years, 20 branches are planned to be opened in the year 2012. The bank’s wide area network is being restructured and all the branches are integrated in a single network, simultaneously a detailed post-merger integration plan is being successfully completed.

The bank is also focusing on introduction of new Islamic products in addition to its’ current products and also planning to launch Visa Debit Card for using it as medium for its Sales terminals and ATMs globally.

The CEO of Albaraka Pakisan Mr. Ahmed highlighted the CSR role in the Banking Industry. Al Baraka Bank Pakistan is providing active support towards CSR by encouraging and providing financial support to various organizations working towards the betterment of the society in general and the underprivileged in particular.

The bank is providing financial assistance to support Shaukat Khanum Memorial Cancer Hospital and Research Centre, The Rising Sun Institute, CARE Foundation, Afzal Memorial Thalassemia Foundation and several other important organizations.

 

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