Mubasher: Al Baraka Bank South Africa, a subsidiary banking unit of Al Baraka Banking Group, reported a 64% year-on-year increase in net income during the first six months of 2019, recording $3.7 million.
The bank’s total assets grew by 6% to $503 million in H1-19, compared to the corresponding period in 2018, according to a statement released on Wednesday.
"Despite the macro and micro-economic challenges prevailed the country during the first half of 2019, the bank was able…to achieve excellent operating and earning results in the first half of 2019,” chairman of Al Baraka Bank South Africa, Adnan Ahmed Yousif, said.
Moreover, total operating income went up by 7% year-on-year to $13.5 million during the six-month period ended 30 June.
"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,” CEO of Al Baraka Bank South Africa, Shabir Chohan, commented.
