Albaraka Algerian unit turns in profits of $11.01 million in Q1.

Byline: [e-mail] (Staff Writer)

Net profits rose by 69 per cent compared to the same period last year, while total assets increased by seven per cent, finance by 11 per cent and deposits by 9 per cent at end-March 2009 compared to the end of December 2008.

Banque Albaraka D'Algerie showed an increase of 53 per cent in total operating income compared to the same period last year to reach DZD 1.63 billion ($22.39 million) on the back of a continued expansion in financing and in high-return banking services.

Total assets increased to DZD 77.14 billion ($1.03 billion). Total liquid assets amounted to DZD 12.54 billion ($166.75 million), representing 20.7 per cent of total deposits, which reflected the strong liquidity of the bank. Financing rose to DZD 55.48 billion ($737.90 million). These increases were achieved by enhancing the deposit base and the unrestricted investment accounts, including bank deposits, which increased to reach DZD 60.44 billion ($803.82 million). Total shareholders equity amounted to DZD 9.02 billion ($119.99 million) at end-March 2009.

Banque Albaraka D'Algerie is the only bank of the eighteen banks in Algeria to operate according to the principles of the Islamic Shari'ah. The Bank has a network of 20 branches operating throughout Algeria and it plans to increase this number to 30 during the next three years.

2009 CPI Financial. All rights reserved.

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