Manama I November 8, 2023
Al Baraka Group BSC (“ABG” or “Group”) Bahrain Bourse trading code "BARKA" announced its financial results for the third quarter and the nine months ended 30 September 2023.
The Group announced a net income attributable to shareholders of the parent company of US$ 37 million in the third quarter of 2023, compared to US$ 41 million in 2022, representing a decrease of 10%, primarily due to the high cost of funding and the depreciation of regional currencies against the US dollar.
The basic and diluted earnings per share for the third quarter of 2023 was 3.08 US Cents compared with 3.41 US Cents for the same period of 2022.
The Group’s total net income increased by 10% to US$ 77 million in the third quarter of 2023 compared to US$ 70 million during the same period in 2022.
Financial Results for the Nine Months Ended 30 September 2023:
The financial results for the first nine months of 2023, ending September 30th are as follows; The Group achieved a net income attributable to equity holders of the parent company of US$ 126 million, equal to the Group’s figures during the same time period in 2022. This was due to the high income from financing and investments which was offset the elevated cost of funding and the depreciation of regional currencies against the US dollar.
The basic and diluted Earnings per Share for the first nine months of 2023 was 8.96 US Cents, down from 9.09 US Cents during the same period in 2022.
The continued improvement in the performance of the Group and the cost-cutting measures of its banking units led to the increase in its total net income to US$ 247 million for the nine months ended 30 September 2023 million compared to US$ 207 million in 2022, an increase of 19%.
The equity attributable to the parent's shareholders and Sukuk holders amounted to US$ 1.248 billion at the end of September 2023, compared to US$ 1.263 billion at the end of December 2022, representing a decrease of 1%.
The depreciation of currencies against the US dollar in many of the local markets the Group operates led to a 2% decrease in the value of the Group’s total assets which stood at $24.474 billion at the end of September 2023, compared with $24.982 billion at the end of December 2022.
Commentary
Reflecting on the Group’s performance and financial results as of the third quarter of 2023, Sheikh Abdullah Saleh Kamel, Chairman of the Board of Directors of Al Baraka Group, said; “I would like to begin by expressing my satisfaction with the profits for our shareholders for the third quarter of 2023, which underscores our flexibility and ability to adapt when it comes to global market fluctuations and the challenges they present. We are also proud of our new Intra-Franchise Trade Platform, a new conduit developed to enhance trade between our Banks, first utilised by our South African and Pakistani Subsidiaries.”
Mr. Houssem Ben Haj Amor, Group Chief Executive Officer and Board Executive Member of Al Baraka Group, said; “We are pleased with our 2023 third-quarter results as the continued improvement in our performance and cost-cutting measures that our Banks took, has led to a 19% increase in the Group’s total net income for the nine months ended 30 September 2023. Our strong performance is a result of our increased focus on enhanced investments and our improved operational performance. Our approach has been based on seizing investment opportunities that lead to solid and sustainable growth.”
This press release and the ABG financial statements are available on the Bahrain Bourse and Group website at: www.albaraka.com
The Group announced a net income attributable to shareholders of the parent company of US$ 37 million in the third quarter of 2023, compared to US$ 41 million in 2022, representing a decrease of 10%, primarily due to the high cost of funding and the depreciation of regional currencies against the US dollar.
The basic and diluted earnings per share for the third quarter of 2023 was 3.08 US Cents compared with 3.41 US Cents for the same period of 2022.
The Group’s total net income increased by 10% to US$ 77 million in the third quarter of 2023 compared to US$ 70 million during the same period in 2022.
Financial Results for the Nine Months Ended 30 September 2023:
The financial results for the first nine months of 2023, ending September 30th are as follows; The Group achieved a net income attributable to equity holders of the parent company of US$ 126 million, equal to the Group’s figures during the same time period in 2022. This was due to the high income from financing and investments which was offset the elevated cost of funding and the depreciation of regional currencies against the US dollar.
The basic and diluted Earnings per Share for the first nine months of 2023 was 8.96 US Cents, down from 9.09 US Cents during the same period in 2022.
The continued improvement in the performance of the Group and the cost-cutting measures of its banking units led to the increase in its total net income to US$ 247 million for the nine months ended 30 September 2023 million compared to US$ 207 million in 2022, an increase of 19%.
The equity attributable to the parent's shareholders and Sukuk holders amounted to US$ 1.248 billion at the end of September 2023, compared to US$ 1.263 billion at the end of December 2022, representing a decrease of 1%.
The depreciation of currencies against the US dollar in many of the local markets the Group operates led to a 2% decrease in the value of the Group’s total assets which stood at $24.474 billion at the end of September 2023, compared with $24.982 billion at the end of December 2022.
Commentary
Reflecting on the Group’s performance and financial results as of the third quarter of 2023, Sheikh Abdullah Saleh Kamel, Chairman of the Board of Directors of Al Baraka Group, said; “I would like to begin by expressing my satisfaction with the profits for our shareholders for the third quarter of 2023, which underscores our flexibility and ability to adapt when it comes to global market fluctuations and the challenges they present. We are also proud of our new Intra-Franchise Trade Platform, a new conduit developed to enhance trade between our Banks, first utilised by our South African and Pakistani Subsidiaries.”
Mr. Houssem Ben Haj Amor, Group Chief Executive Officer and Board Executive Member of Al Baraka Group, said; “We are pleased with our 2023 third-quarter results as the continued improvement in our performance and cost-cutting measures that our Banks took, has led to a 19% increase in the Group’s total net income for the nine months ended 30 September 2023. Our strong performance is a result of our increased focus on enhanced investments and our improved operational performance. Our approach has been based on seizing investment opportunities that lead to solid and sustainable growth.”
This press release and the ABG financial statements are available on the Bahrain Bourse and Group website at: www.albaraka.com