IslamicFinance.de

Bahrain-based Al Baraka Banking Group B.S.C (ABG) announced a net profit of US$ 67 million for the first quarter of 2014, reporting an increase of 1% over the net profit of the same period of last year. While total assets increased by 1%, total financing and investments by 2% and customer accounts by 1% at the end of March 2014 compared to the end December 2013. Towards the end of 2013 and the first quarter of 2014, the subsidiary units of the Group continued their expansion plans by opening new branches, with 54 new branches in 2014. The group plans to open another 84 new branches in 2014, which will raise the total branch network to 569 branches, spread over 15 countries and providing employment to over 10,000 employees.