Islamic Finance

Islamic bank Al Baraka Tunis first half profit rises

Al Baraka Bank Tunis posted a 563 per cent increase in net income for the first half of the year compared to the same period in 2018.

Profit after tax of the subsidiary banking unit of Bahrain-based Al Baraka Banking Group reached $3.8 million for the six months ending June 30, it said in an exchange filing on August 28.

Total assets of the Shariah-compliant bank rose 11 per cent to $766 million.

The Tunisian bank said net financing and investments grew by 2 per cent to $404 million by the end of June.

The increase in assets was financed by 19 per cent rise in customer deposits to $692 million.

Al Baraka Bank Tunis has a network of 37 branches across the country.

© 2019 All Rights Reserved