Dallah Albaraka (UK), the London subsidiary of the Dallah Albaraka Group of Saudi Arabia, has reported a 19 per cent fall in pre-tax profits for the year to end-September to £6.6 million ($10.4 million). The Islamic finance company’s net trading profits rose by around 15 per cent to £6.7 million ($10.6 million) during the period as it boosted its commodity and trade finance business.

However, the result for the same period in 1995 was boosted by a substantial recovery of provisions. The company’s total assets rose 28 per cent on the year to £235.7 million ($372.4 million). It made full-year operating profits of $10.9 million ($16.7 million) in 1995 (MEED 15:3:96).