* Al Baraka Q4 2011 profit at $46 mln, flat on year
* FY 2011 profit up 10 pct to $212 mln
(Adds detail, background)
DUBAI, Feb 23 (Reuters) - Bahraini Islamic 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 percent on the $193 million profit recorded in
2010.
Total assets at the bank advanced 8 percent to $17.2 billion
in 2011, compared with $16 billion in the previous year.
Deposits also grew 8 percent over the course to 2011, to
$14.7 billion as opposed to $13.6 billion at the end of 2010.
The bank plans to open a representative office in Libya
during 2012 and was studying further expansion into Africa and
Asia in the medium term, including China and India, Adnan Ahmed
Yousif, the group's chief executive said in the statement.
The board of directors recommended a 3.5 percent cash
dividend and a bonus share issue of one share for every six
held.
The bank's Turkish subsidiary plans to go ahead with a $200
million Islamic bond issue in the first quarter, after delaying
a sale in December due to pricing concerns, Yousif told Reuters
in January.
(Reporting by David French; Editing by Amran Abocar)
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