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Al Baraka Bank South Africa sees 11% higher net income in 2019

Al Baraka Bank South Africa sees 11% higher net income in 2019
The bank reported a 7% rise in total assets last year
Al Baraka Banking
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Mubasher: The net income of Al Baraka Bank South Africa, a subsidiary of Al Baraka Banking Group, has increased by 11% to ZAR 73 million ($5 million) in 2019 when compared to 2018.

The bank reported a 7% rise in total assets to ZAR 7.35 billion ($ 520 million) last year after increasing its share in deposit markets, according to a press release on Sunday.

Meanwhile, the total income jumped by 7% to ZAR 350 million ($24 million), while the net operating income recorded ZAR 104 million ($7 million), up by 14% compared to 2018.

The Chairman of the board Al Baraka Bank South Africa and president and Chief Executive of Al Baraka Banking Group, Adnan Ahmed Yousif, said: "The bank plays an important role in the economic growth through attracting deposits from different categories and redirecting them in the form of financings and investments, where its share reached 17% of the Islamic Banking deposit market, and 48% of the Islamic Banking advances market.”

At the same time, The CEO of Al Baraka Bank South Africa, Shabir Chohan, remarked: "Through its network of 11 branches spread across different cities and vital areas in South Africa, the Bank offers a full range of banking services for individuals and companies, in addition to its developed and wide-range electronic banking service."