OREANDA-NEWS. Al Baraka Bank Sudan, a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG), announced a large increase in its net profits in the first half of 2016, jumping by 176%  compared to the first half  of previous year as a results of the Banks success in diversifying its income sources from commissions, fees and financing. Balance sheet items recorded moderate increases, where total assets increased by 7%, financing and investments portfolio increased by 3%, deposits accounts grew by 3% and equity shareholders enhanced by 12% as at the end of June 2016 compared to December 2015.

The Banks financial statements for the first half of 2016 shows that the total income achieved a big jump of 57% to reach SDG 144 million. After deducting operating expenses, which increased by 10%,  net operating income increased by 146% to reach SDG 79 million in the first half of 2016 compared to the same period of 2015. After allocating for provisions and taxation, net income for the first half of 2016 increased to SGD 64, doubling by 176%  compared to the first half of 2015.

On the balance sheet side, total assets of Al Baraka Bank Sudan stood at SGD 2.4 billion as at the end of June 2016, an increase of 7% compared to the end of 2015. Total financing and investments portfolio reached SGD 1.3 billion at the end of June 2016, increasing by 3% compared to the end of 2015. Customer accounts reached SGD 1.7 billion at the end of June 2016, up by 3% also during the same period. The Banks equity reached SGD 322 million at the end of June 2016, increasing by 12% compared to the end of 2015.

On this occasion Mr. Adnan Ahmed Yousif,  Chairman of Al Baraka Bank Sudan and President & Chief Executive of Al Baraka Banking Group said: We are pleased to see the Banks excellent performance and impressive results for the second consecutive quarter during 2016, where the  Bank was able, by the grace of Allah Almighty and thanks to large efforts of the executive management and all employees of the Bank, to achieve these distinguished results despite all surrounding economic and financial conditions and investment climate in Sudan".

Mr. Adnan added "Al Baraka Bank Sudan, which was founded in 1984, has provided for more than 32-year period various advanced banking products and services to the Sudanese market for both individuals and companies, as well as its contribution to the support and financing of the Sudanese economys projects, in addition to its active role in serving the community through various initiatives and programs that embody the professionally and socially responsible banking model applied by Al Baraka Banking Group as a whole.