Al Baraka Banking posts flat Q4 profit

Bahraini lender Al Baraka Banking Group made a fourth-quarter net profit of $46 million, unchanged on the same period in 2010, the bank said in a statement on Thursday. The bank, which has operations in 15 countries including Turkey, Syria and Egypt, posted a full-year profit of $212 million, up 10 per cent on the $193 million profit recorded in 2010. Total assets at the bank advanced 8 per cent to $17.2 billion in 2011, compared with $16 billion in the previous year. Deposits also grew 8 per cent over the course to 2011, to $14.7 billion as opposed to $13.6 billion at the end of 2010.