Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
|
|
| ||||
|
||||
Al Baraka Banking Group was first rated by Standard & Poor's, the international rating agency, in 2007, which assigned it the investment grade rating of ‘BBB-' (Long term) / Stable Outlook / ‘A3' (Short Term), a significant achievement for an institution being rated for the first time.
Since then S&P has rated Al Baraka Banking Group every year, in every instance affirming the investment grade rating. This reflects the success of Al Baraka Banking Group as one of the most consistent performers in the region.
A Bahrain joint stock company listed on Bahrain and Dubai stock exchanges, ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Sharia. The authorised capital of ABG is $1.5bn, while total equity amounts to close to $1.57bn.
The group has a wide geographical presence in the form of subsidiary banking units and representative offices in twelve countries, which in turn provide their services through more than 300 branches.
Earlier this month, ABG announced that it had posted a net profit of $45m in the third quarter of 2009 and $137m for the first nine months of year 2009. It also achieved a twelve percent growth in total assets, nine percent in liquid assets, twelve percent in finance and investments, fourteen percent in deposits and unrestricted investment accounts and six percent in total equity as of September 2009 compared to December 2008.
"The reaffirmation of ABG's rating is a significant achievement especially during these times of economic recession in the region and in the world," said Sheikh Saleh Abdulla Al Kamel, chairman of the Board of Directors.
"The reaffirmation of the rating indicates the financial strength of ABG as an institution and its ability to weather the adverse effects of the present conditions thanks to its strategies, its able executive management team at the head office and in all its subsidiaries."
Since then S&P has rated Al Baraka Banking Group every year, in every instance affirming the investment grade rating. This reflects the success of Al Baraka Banking Group as one of the most consistent performers in the region.
A Bahrain joint stock company listed on Bahrain and Dubai stock exchanges, ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Sharia. The authorised capital of ABG is $1.5bn, while total equity amounts to close to $1.57bn.
The group has a wide geographical presence in the form of subsidiary banking units and representative offices in twelve countries, which in turn provide their services through more than 300 branches.
Earlier this month, ABG announced that it had posted a net profit of $45m in the third quarter of 2009 and $137m for the first nine months of year 2009. It also achieved a twelve percent growth in total assets, nine percent in liquid assets, twelve percent in finance and investments, fourteen percent in deposits and unrestricted investment accounts and six percent in total equity as of September 2009 compared to December 2008.
"The reaffirmation of ABG's rating is a significant achievement especially during these times of economic recession in the region and in the world," said Sheikh Saleh Abdulla Al Kamel, chairman of the Board of Directors.
"The reaffirmation of the rating indicates the financial strength of ABG as an institution and its ability to weather the adverse effects of the present conditions thanks to its strategies, its able executive management team at the head office and in all its subsidiaries."
Pipe dreams
Posted by TALAL on 20 December 2009 at 18:19 UAE time
With all due respect the list in not only wrong but misleading as well. I agree with Paddy that you need to come up with more meaningful criteria for ranking Banks as this doesn't work at all. When new financial results are out next year at least 3 on the list may end up up the creek without a paddle.
Posted by TALAL on 20 December 2009 at 18:19 UAE time
With all due respect the list in not only wrong but misleading as well. I agree with Paddy that you need to come up with more meaningful criteria for ranking Banks as this doesn't work at all. When new financial results are out next year at least 3 on the list may end up up the creek without a paddle.
Agree with the list
Posted by SG, Kuwait, Kuwait on 9 December 2009 at 09:50 UAE time
I have been working in the corporate banking field for over 5 years now and the banks listed above are quite secure. Choosing randomly and checking the historic audited financials you will see that these banks have been taking adequate provisions over the years unlike banks like Commercial Bank of Kuwait that took extreme sudden provisions making them reporting losses in 3Q of 09 whereas KD100m for the same period the previous year; that goes to show the type of credit they run. As for all the questions Paddy is asking, well an article that answers all those questions might as well be a book cos you are asking for financial analyses of each bank which could easily need 100 pages or so (4 pages each minimum). This report is a morale booster but is based on financials issued by the best international auditors. and, by the way, i do not work in any of those top banks but i intend to.
Posted by SG, Kuwait, Kuwait on 9 December 2009 at 09:50 UAE time
I have been working in the corporate banking field for over 5 years now and the banks listed above are quite secure. Choosing randomly and checking the historic audited financials you will see that these banks have been taking adequate provisions over the years unlike banks like Commercial Bank of Kuwait that took extreme sudden provisions making them reporting losses in 3Q of 09 whereas KD100m for the same period the previous year; that goes to show the type of credit they run. As for all the questions Paddy is asking, well an article that answers all those questions might as well be a book cos you are asking for financial analyses of each bank which could easily need 100 pages or so (4 pages each minimum). This report is a morale booster but is based on financials issued by the best international auditors. and, by the way, i do not work in any of those top banks but i intend to.
Tangible evidence missing
Posted by Paddy, Dubai, UAE on 26 November 2009 at 00:04 UAE time
The report talks about the performance of each bank at a very high level without delving deep into the numbers. For example, what is the net NPL for each bank in comparison with their assets? What is the exposure ratio (total exposure to the risky sectors out of the total assets) of each bank to risky sectors like Credit Cards, Construction & Real Estate etc? What is the recovery position with respect to Credit Card advances? What is the exposure of each bank (especially UAE and Saudi banks) to the Saad and Algosaibi groups? Have they kept aside provisions against these troubled assets? What has each bank done differently to tide over the financial crisis? HAs there been any fresh capital infusion into any of these banks? What is the Capital Adequacy Ratio of these banks? The lack of transparency with regard to reporting in the Middle East financial sector means that the banks may not have fully reported their bad assets. Maybe the report is intended to be a morale booster to the general public and not exactly based on hard facts.
Posted by Paddy, Dubai, UAE on 26 November 2009 at 00:04 UAE time
The report talks about the performance of each bank at a very high level without delving deep into the numbers. For example, what is the net NPL for each bank in comparison with their assets? What is the exposure ratio (total exposure to the risky sectors out of the total assets) of each bank to risky sectors like Credit Cards, Construction & Real Estate etc? What is the recovery position with respect to Credit Card advances? What is the exposure of each bank (especially UAE and Saudi banks) to the Saad and Algosaibi groups? Have they kept aside provisions against these troubled assets? What has each bank done differently to tide over the financial crisis? HAs there been any fresh capital infusion into any of these banks? What is the Capital Adequacy Ratio of these banks? The lack of transparency with regard to reporting in the Middle East financial sector means that the banks may not have fully reported their bad assets. Maybe the report is intended to be a morale booster to the general public and not exactly based on hard facts.
Mobile
