In a phase of major changes, the dean of Islamic banks, Al Baraka Bank, will achieve outstanding performance in 2021 in terms of its activity, structure and risk indicators, thanks to a strong approach, long-term governance, risk management and equity consolidation as well as the controlled development of its POS network.
Fully embarking on strategic digital transformation projects and launching a new concept of customer experience In strict compliance with its values as a responsible and committed bank, Al Baraka Bank continues to benefit from its membership in Al Baraka Banking Group. The group, the world leader in Islamic finance.
At the end of fiscal year 2021 and despite the difficult context that characterized the resumption of the repercussions of the crisis caused by the COVID-19 pandemic, Al Baraka Bank continued to support its clients. The total volume of customer financing continued to grow by 10.9% to reach 1,425 million dinars, while the share of financing in the form of Murabaha was large as the amount receivable increased to 1,211 million dinars, recording an increase of 6.5% compared to 2020.
The sustainable growth in financing is largely due to the optimal allocation of resources as customers’ deposits and assets, which constitute a large part of it, increased in 2021 to 1.727 million dinars, an increase of 73.5 million dinars or 4.4% with an increase in a marked improvement in its structure (in favor of less expensive resources). Investment deposits (by proxy and speculation) amounted to 387.3 million dinars. Unallocated participatory deposits amounted to 285.8 million dinars at the end of last year.
In terms of operational performance, the NBI index rose in 2021 to 137.1 million dinars, an increase of 37.5% compared to the previous year, thanks to the particularly noticeable momentum at the level of profit margin (+ 38.9%), margin on commissions (+ 35%) and net income Portfolio (+34.7%).
The return on equity nearly doubled to 19.5% in 2021 compared to 9% in the previous year, while the return on assets developed significantly during the period from 0.6% to 1.4% between 2020 and 2021, thus exceeding the Tunisian average. The banking sector.
The increase in overheads (FG) made up of personnel costs and general operating expenses did not exceed 1.3% between 2020 and 2021, indicating significant efforts to control and improve it. As a result, the cost/income ratio (FG/PNB) has been reduced from 63.2% in 2020 to 46.5% for the last fiscal year.
Coverage of staff costs by committee has improved significantly, reaching 46% in 2021 compared to 47% at the end of 2020.
From the same angle, provisions to cover risks inherent in credit and portfolio were limited to 8.4 million dinars for a share of rated assets of 8% (against a sector average of 16.9%).
Thus, the net result increased by 127% in 2021 to reach 36.4 million dinars, which constitutes a historical record for Al Baraka Bank and for this purpose made it the first bank in terms of an increase in the result of the banking sector.
It is worth noting that after being ranked the best financial institution in Tunisia for the year 2021 by the prestigious “Global Finance” magazine, Al Baraka Bank was chosen as the best Islamic bank in Tunisia for the same year by Islamic Finance News “IFN” magazine. .
The bank aims to consolidate its position as the leading Islamic bank in Tunisia for the coming years through the implementation of various technology projects and investments in order to retain its existing clients and expand the list of its partners.
In the same context, Al Baraka Bank plans to ensure greater proximity to its customers through the upcoming opening of its new headquarters located in the northern urban center, one of the largest economic and social centers in the capital, and full of opportunities.
L’édifice s’étale sur deux imposantes tours de 14 niveaux chacune, doté d’une architecture alliant modernité, luxe et confort, offrant insi à ses clients une nouvelle expérience à la pointe de la technologie et marqueire un tournant l’ importants dans from the bank.
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