Al Baraka Islamic Bank announces financial results for the year ended 31 December 2020
Published 23 Feb,2021 via bizbahrain - Al Baraka Islamic Bank (AIB) reported net profit attributable to the shareholders of BD 1.23 million in the fourth quarter of 2020 compared to BD 196 thousand reported in the fourth quarter of 2019. For the twelve months ended 31 December 2020, AIB reported a 14% increase in its net profit attributable to the shareholders amounting to BD 2.27 million compared to BD 2 million reported for the same period of 2019. Such increase in income was attributable to the successful implementation of the Bank’s strategy in building and strengthening its core assets. Simultaneously, the Bank incorporated provisions against identified and expected losses, aligned with our approved policies, and added BD 8 million (2019: BD 6.55 million) as allowance for impairment during the financial year 2020.
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