Al Baraka Bank Tunisia, a subsidiary of the Al Baraka B.S.C. banking group (ABG) recently announced its financial results for the year 2019.
The results revealed that “the bank has moved forward in its excellent financial results and the growth of its business, with a net income that increased by 256% and total assets by 20% compared to the end of 2018”.
The Bank’s financial statements for the year 2019 show that the total income amounted to 133 million Tunisian dinars ($48 million), up 29% compared to the same period last year, due to the improvement in revenue from the main sources of income.
After deducting all operating expenses, net operating income went up 54% to 30 million Tunisian dinars (US$11 million).
After deducting provisions and taxes, net income amounted to 15 million Tunisian Dinars (US$5.4 million) in 2019, an increase of 256% compared to the same period last year.
At the balance sheet level, the total assets of Al Baraka Tunis Bank amounted to 2.4 billion Tunisian dinars (USD 850 million) at the end of December 2019, an increase of 20% compared to the end of 2018.
The financing and investment portfolio rose by 14% to reach 2.1 billion Tunisian dinars (USD 747 million) at the end of December 2019.
The increase in assets was financed by a 25% increase in customer deposits to reach 2.1 billion Tunisian Dinars (USD 752 million), financing 95% of total assets, reflecting the Bank’s good customer base.
The Bank also increased its shareholders’ equity by 9% to 174 million Tunisian Dinars (USD 62 million) at the end of December 2019.