Al-Baraka Banking Group posts Q4 gains

22/02/2016 05:32 AST

Al-Baraka Banking Group, the Bahrain-based Islamic lender with operations in more than a dozen countries, reported a 15 percent rise in fourth-quarter net profit. The bank made a net attributable profit of $42 million in the three months ending Dec. 31, a rise of 15 percent on the same period of 2014, it said in a statement.

The bank’s 2015 net attributable profit was $162.7 million, compared with 2014’s profit of $151.7 million.

This increase in earnings came despite the negative impact of a strong US dollar in many of the markets in which it operates, the statement said.

The bank’s board has proposed paying a cash dividend of $0.02 per share and a stock dividend of 3 free shares for every 100 held for the year ending Dec. 31, 2015. This compares with the $0.03 per share cash dividend and 2 free shares per 100 held it paid out in the previous year.


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