Banque Albaraka D'Algerie raises net profit by 69% to DZD 804 million in the first quarter of 2009.Summary: Banque Albaraka D'Algerie, a subsidiary banking unit of Albaraka Banking Group B.S.C. (ABG ABG abbr. arterial blood gas ABG 1. Arterial blood gas 2. Axiobuccogingival–dentistry ), announced that it posted a net profit DZD DZD The ISO 4217 currency code for Algerian Dinar. 803.55 million (US$ 11.01 million) in the first quarter of 2009 Banque Albaraka D'Algerie, a subsidiary banking unit of Albaraka Banking Group B.S.C. (ABG), announced that it posted a net profit DZD 803.55 million (US$ 11.01 million) in the first quarter of 2009, reflecting an increase of 69% compared to the same period last year, while total assets increased by 7%, finance by 11% and deposits by 9% as at the end of March 2009 compared to the end of December 2008. The Bank's financial results for the first quarter of 2009 showed an increase of 53% in total operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. compared to the same period last year to reach DZD 1.63 billion (US$ 22.39 million). This significant improvement in operating income was the result of the Bank's continued expansion in financing and in high-return banking services by the effective utilization of its wide branch network spread in all major regions of Algeria. Notwithstanding the significant increase in the Bank's operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. during the first quarter of the year as result of the updating of the IT infrastructure and expansion in human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. , net profits increased by 69% to DZD 803.55 million (US$ 11.01 million) in the first quarter of 2009, compared to the same period last year. Total assets increased by 7% to DZD 77.14 billion (US$ 1.03 billion) as the end of March 2009 compared to the end of December 2008. This increase was invested in maintaining the Bank's strong liquidity position. Total liquid assets Cash, or property immediately convertible to cash, such as Securities, notes, life insurance policies with cash surrender values, U.S. savings bonds, or an account receivable. amounted to DZD 12.54 billion (US$ 166.75 million) as at the end of March 2009, representing 20.7% of total deposits, which reflected the strong liquidity of the bank. Financing also witnessed an increase of 11% to reach DZD 55.48 billion (US$ 737.90 million) as at the end of March 2009. These increases were achieved by enhancing the deposit base and the unrestricted investment accounts, including bank deposits, which increased by 9% to reach DZD 60.44 billion (US$803.82 million) as at the end of March 2009, which financed 78.3% of total assets and is an indication of the strong customer base of the Bank. Total shareholders equity amounted to DZD 9.02 billion (US$ 119.99 million) as at the end of March 2009. On this occasion, Mr. Adnan Ahmed Adnan Ahmed (Urdu: عدنان أحمد) (born June 7, 1984 in Burnley, England) is a British-born Pakistani footballer who is currently playing for Tranmere Rovers in Coca-Cola League One. Yousif, Chairman of the Board of Directors of Banque Albaraka D'Algerie and President & Chief Executive of Albaraka Banking Group, praised the excellent financial results achieved by the Bank during the first quarter of 2009. He stressed that despite the difficult conditions being experienced by the regional and global economies and markets and increased competition in the Algerian market, the Bank, thanks to its well-established position in the Algerian market, its long experience and wide-ranging portfolio of competitive products and services which it offers through 20 branches spread in all major regions of Algeria, was able to continue its growth and take full advantage of the positive developments taking place in the Algerian economy. This is a strong indication the high competency of the executive management of the Bank and the effectiveness of the support that the parent company, Albaraka Banking Group, provides to the Bank. Mr. Adnan added that the Board of Directors the bank had early this year approved a big expansion plan for the Bank for the coming years. The Bank has already begun during this year working on the construction of the new headquarters of the Bank and it is in the process of implementing a new information technology system. The Bank also has plans to install an ATM network comprising 50 machines and it intends to open 30 new branches in the next three years to make a total of 50 branches. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , the Bank continues to introduce a new products and services including home furnishing consumer loans and a variety of deposit schemes, such as youth and property savings accounts and Hajj hajj (häj), the pilgrimage to Mecca, Saudi Arabia, one of the five basic requirements (arkan or "pillars") of Islam. Its annual observance corresponds to the major holy day id al-adha, and Umrah The Umrah or (Arabic: عمرة ) is a pilgrimage to Mecca performed by Muslims that can be undertaken at any time of the year. savings deposits Savings deposits Accounts that pay interest, typically at below-market interest rates, that do not have a specific maturity, and that usually can be withdrawn upon demand. . On his Part, Mr. Mohammed Seddik Hafid, Board Member and General Manager of the Bank, said that the Bank, thanks to the financial and technical resources available to it, was able to capitalise upon the positive developments that the Algerian economy was witnessing to continue its successes and enhance its financial position which reflected its strong position in the Algerian market and its ability to cope with all the challenges that it faced. Mr. Hafid added that Banque Albaraka D'Algerie was the only bank of the eighteen banks in Algeria that operated according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the principles of the Islamic Sharia. 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. Because of its strong foreign trade finance services, the Bank holds an important position in the market, ranking first among the private banks. Banque Albaraka D'Algerie is one of the main Banking Units of Albaraka Banking Group. Albaraka Banking Group (ABG) is a Bahrain Joint Stock Company listed on Bahrain Stock Exchange The Bahrain Stock Exchange (BSE), was established in 1987 by Amiri Decree No.(4) and officially commenced operations on June 17, 1989 with twenty-nine listed companies. Currently, there are 50 companies listed on the exchange. and NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Dubai Stock exchange. It is a leading international Islamic bank with Standard and Poors short and long term credit ratings of A-3 and BBB- respectively. ABG offers retail, corporate and investment banking and treasury services Treasury services is a function of an investment bank which provides transaction, investment and information services for chief financial officers, treasurers. Treasury services concentrates and invests client money, and provides trade finance and logistics solutions as well as strictly in accordance with the principles of the Shari'a. The authorized capital authorized capital n (COMM) → capital m autorizado or social authorized capital n (Comm) → capital social of ABG is US$1.5 billion, while the total equity amounts to about US$1.52 billion. The Group has a wide geographical presence in the form of banking Units and representative offices in twelve countries, which in turn provide their services through more than 283 branches. These banking Units are Jordan Islamic Bank/Jordan, AlBaraka Islamic Bank/Bahrain, AlBaraka Islamic Bank/Pakistan, Banque AlBaraka D'Algerie/Algeria, AlBaraka Bank Sudan/Sudan, AlBaraka Bank LTd./South Africa, AlBaraka Bank Lebanon/Lebanon, Bank Et-Tamweel Al- Tunisi Al Saudi/Tunisia, The Egyptian Saudi Finance Bank/Egypt, AlBaraka Turk Participation Bank/Turkey, Al Baraka Bank Syria (under formation), and an ABG representative office in Indonesia. 2009 Mena Report (www.menareport.com) 2009 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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