"> Al Baraka Bank ( Pakistan) Limited declares a pre tax profit of Rs. 505 million in its 1st year after merger | Al Baraka Bank (Pakistan) Ltd.
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Al Baraka Bank ( Pakistan) Limited declares a pre tax profit of Rs. 505 million in its 1st year after merger

02 November 2011:
Steady growth trajectories, comprehensive product portfolios, increasing network points all this has aided this niche market to gain popularity. Al Baraka Bank (Pakistan) Limited (ABPL) has not only pioneered in Islamic banking in Pakistan dating back two decades, but has also shown tremendous progress in the current economic mayhem, which is evident from the results for the period ended’ September 2011. The first year has been highly flourishing for Al Baraka, as the bank has witnessed a sea change in terms of burgeoning growth. The assets have increased by 31% from Rs.52.5 Billion at the time of merger, to more than Rs.68 Billion as of September 2011. The deposit base of the bank also grew by more than 41% and crossed Rs.58 Billion. Financing and Investments of the Bank showed an encouraging increase of 41% to Rs.46.18 billion in September 2011. The total income from banking business has shown a commendable increase of 247% to Rs.5.4 billion in September 2011 & a pretax profit of Rs.505 million against a loss of Rs.1.37 billion as of merger date.

Al Baraka Bank Pakistan branch network has increased to 89 branches spread over 37 cities and plans to strengthen the same further. Mr. Shafqaat Ahmed, Member of the Board of Directors and Chief Executive of Al Baraka Bank (Pakistan) Limited, accentuating the financial soundness of the entity said, “These results depict our determination to continue investing our substantial financial resources and expertise in maximizing the returns to our shareholders and the investors.”

Al Baraka Bank (Pakistan) Limited (ABPL) is a part of Al Baraka Banking Group (ABG), the leading international Islamic banking group in the gulf region, listed on Bahrain and NASDAQ Dubai Stock Exchanges. The group has a wide geographical presence in the form of subsidiary units and representative offices spanning from Europe to MENA and Asia, with a network exceeding 400 branches in 13 countries.

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