Mubasher: Al Baraka Banking Group, listed on the Bahrain and Nasdaq Dubai, reported a 9.8% year-on-year profit decline in third quarter of 2018, registering $23.94 million compared to $26.55 million.

The sharia-compliant lender’s net operating income increased by 80% to $178 million during the three-month period ended September, versus the corresponding period last year.

The Bahrain-based group’s total net income saw a 1% increase to $42 million in the quarter ended September. 

During the first nine months of 2018, the leading bank’s profits amounted to $98.23 million versus $96.55 million in the same period last year, while it registered a net total operating income of $808 million, with a 10% year-on-year rise.

Net operating income increased by 26% to $ 401 million after excluding all operating expenses from January to September.

Al Baraka further said that its total net income also rose by 6% to $163 million during the January-September period of 2018, while overall assets amounted to $23.3 billion, with an 8% drop.

During the first half of 2018, the bank’s profits rose by 7% to $74 million, compared to $70 million the same period last year.