Dubai
Al baraka Bank and Burgan Insurance offices in Beirut,Lebanon July 18, 2016. Picture taken July 18, 2016. Image for illustrative purposes. How has 2019 been for Al Baraka Bank? What would you say were the major milestones achieved by the bank last year? Overall, Al Baraka Bank maintained its healthy financial performance despite the lower-income, which was due to the geopolitical concerns in some of the countries where the banking group operates. Towards the end of the year, we showed improvement in our revenues, as total operating income of the Group during the third quarter increased by four per cent to reach $235 million, net operating income by one per cent to reach $98 million. However, Al Baraka’s adherence to its conservative approach to set aside hedging provisions for all its units resulted in a 14 per cent decrease in net income attributable to shareholders during the third quarter, to reach $28 million compared to the second quarter of the year. Similarly, another remarkable milestone is digital transformation. Al Baraka Banking Group has always focused on digitalisation as a top priority and has to its credit.—Zawya
