With 27.2% increase over the same period last year, Bahrain Islamic Bank (BisB) announces BD 5.4m profit for the first nine months of 2017

01-November-2017

Bahrain Islamic Bank (BisB) announces BD 5.4 million profit on its activities for the first nine months of the current year, after deducting BD 7.5 million as net provisions, compared to BD 4.3 million net profit for the same period of the previous year.

Dr Esam Abdullah Fakhro, Chairman of the Bank, said, “In the nine months to September, 2017, the Bank registered net operating income of BD 13 millions compared to BD 10.2 million for the same period last year.”

He stated that compared with last year, Islamic Financing had grown 10% for the first nine months, while customer investment accounts increased by 13.9%.

For the third quarter of 2017, net operating income was BD 5.1 million compared to BD 3.5 million for the same quarter last year. Net provisions for the quarter were set at BD 2.9 million compared to BD 2.3 in the matching period in 2016. Net profit for the three months period was BD 2.2 million compared to BD 1.2 million last year.

Hassan Jarrar, Chief Executive, said, “These results are generated from the Bank’s focus on revenues and fees from major core banking financing activities. BisB has continued with its successful implementation of the ‘Ishraq - Back to Basics’ strategy, now in its second year. We have seen significant progress in all aspects of the Ishraq program. In terms of reorganizing and shaping the Bank’s financial position, BisB continues to exit some nonearning assets, focus on costs, diversify funding sources and expand the customer base.”

He added, “The Bank’s focus on providing outstanding customer service, has resulted in enhancement of product and service offerings, supported by campaigns and programs which encourage customers to invest and receive rewards, such as Tejoori account draws and credit card promotions.”

Jarrar also expressed his satisfaction with the continuing development of the Bank’s digital services. BisB recently launched the ‘BenefitPay’ service in conjunction with Benefit Co. This service for merchant clients enables them to collect amounts for their sales directly from customers without the need for cash or cards.

The Chief Executive Officer also noted the Bank has financed several important projects and has signed Memorandums of Understanding (MOUs) with major companies to implement a number of strategic projects in the region, such as in the area of project performance bonds in collaboration with Trust Re and Takaful Insurance Company.

As part of its ongoing plans to strengthen its management team with qualified national competencies, Jarrar announced the appointment of Dalal Al Qhais to be its first Bahraini woman occupying the post of Head of Retail Banking, and the appointment of Mahmood Qannati as Head of Corporate Communications and Marketing.

The Bank continues to develop employee and talent resources, offering skill improvement programs through a series of workshops and focused courses in areas such as customer service, anti-money laundering, team building, and anti-fraud measures. In addition, several members of the executive management have participated in and represented the Bank in a range of conferences and discussion forums inside and outside of Bahrain.

The Chairman and the Chief Executive Officer expressed their thanks and appreciation to the Board of Directors for their continued support, and to the honourable members of the Sharia’a Supervisory Board. Also acknowledged were the Bank’s supervisory authorities for their cooperation and guidance, the valued customers for choosing BisB as their preferred Bank, and to all employees for their efforts and dedication.