Albaraka net profits up 50 percent in 2007
Posted by meb at February 28th, 2008
Albaraka Türk, a leading participation bank operating in Turkey’s flourishing interest-free banking industry, saw its profits increase by 50 percent in 2007 over the previous year to YTL 85 million.
In a statement released yesterday the bank noted that the net profits before taxes as of Dec. 31, 2007, were YTL 107.5 million. Total assets increased by 48 percent, to YTL 3.7 billion, whereas total loans climbed by 44 percent to YTL 2.85 billion. The bank’s funds — which are equivalent to deposits in conventional banks — saw a 39 percent increase, reaching a level of YTL 3 billion. Equity capital grew to YTL 533.8 million and included paid-in capital earned from an initial public offering, revenue from stock issuance and profit. “Our bank is continuing its rapid growth while establishing a healthy connection between profitability and growth. The year-end results for 2007 have confirmed that the bank is performing in line with its goals,” said Albaraka Türk General Manager Ad-nan Büyükdeniz in the statement.
source: Today’s Zaman
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