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Al Baraka first quarter net profit up 15%

Bahrain-based bank’s total operating income was $233m

Gulf News

Dubai: Bahrain-based Islamic lender Al Baraka Banking Group posted a 15-per cent increase in first-quarter net income, the bank said on Sunday.

Al Baraka, which has operations across the Middle East, Asia and Africa, said first-quarter net income rose to $66 million (Dh242 million) from $57 million in the year-ago period, it said in a statement on Sunday.

The bank made a total operating income of $233 million in the first quarter of 2013, up 16 per cent over same period in 2012, it said.

Chief Executive Officer Adnan Ahmad Yousuf told Reuters last month that the bank plans to expand its global footprint with a focus on Africa under a five-year plan that includes investments in Libya and Morocco.