Bahrain Islamic Bank (BisB) realizes BD 4.3 Million net profit in 9 months

07-November-2016

In a Press Release issued yesterday Sunday 6th November 2016 Bahrain Islamic Bank (BisB) announced that it has realized BD4.3 million as net profit on its activities for the first nine months of the current year, after deducting BD6 million as net provisions, compared to BD8.6 million net profit for the same period of the previous year. This announcement was issued after the Board of Directors approval of the Financial Statements for the period ended on 30th September 2016.

On this occasion Dr. Esam Abdullah Fakhro – Chairman of the Bank said: “The Bank registered in the ended nine months of the current year net operating income amounting to BD28.7 million compared to BD31.4 million for the same period last year. The Board of Directors has decided to set BD 6 million as net provisions compared to BD 7.3 million for the same period last year. This has resulted in BD 4.3 million as net profit compared to BD 8.6 million as net profit for the same period of last year, i.e. a decrease of 50%”.

On his part Mr. Hassan Amin Jarrar - CEO of the Bank stated that as compared to end of last year Islamic Finances has witnessed a growth of 12% for the first nine months, and customer investment accounts increased by 6%. Net operating income for the three months reached BD9.8 million compared to BD10.4 million for the same period last year, net provision registered BD 2.3 million for the three months compared to BD 4.6 million for the same period last year. Realized net profit for the three months is BD 1.2 million compared to BD 374 thousand for the same period last year, an increase of 221%.

The CEO then added: “ In spite of the continued progress in reducing non-performing financing facilities and non-performing assets, the Bank has still a long way to go before bringing these ratios down to satisfactory levels”.

Mr. Hassan Jarrar then confirmed that these results reflect the continued adherence in implementing the Strategic Plan of the Bank up to 2018 by totally relying on income and fees from core finances and major activities, plus income generated being free of any revaluations or unearned profit.

Mr. Hassan Jarrar then indicated that BisB has inaugurated lately its first digital branch in Bahrain where it has presented to its clients, through this branch, all electronic banking services round the clock. It also offers them to conduct a multitude of transactions such as: payment of telephone and credit card bills, deposit in Tejoori and other saving accounts, internal and external banking transfers, cash withdrawals. Also, a dedicated staff is available in the branch to assist clients in completing their transactions. More and above that, clients are able to execute different transactions and banking services through round the clock video calling service.

Mr. Jarrar also announced that the Bank has been presented with an Honorary Shield and Appreciation Certificate from Visa International Corporation for receiving the award of the Bank who has attained the most growth in issuing Visa Credit Cards and Direct Debit Cards in the Kingdom of Bahrain.

As far as human resources of the Bank are concerned Mr. Hassan has confirmed that the Bank is continuing its development of its human cadre in alignment with the anticipated plans and goals, where the Bank has organized lately a number of training courses and workshops for a number of managers and staff in the area of management under the slogan “Rising Stars”, with the aim of honing and strengthening their skills and leadership abilities to be able to act and perform in different work environments.

In conclusion, the Chairman & CEO expressed their thanks to the Members of the Board of Directors for their continued support, and to the respected Sharia Supervisory Board members for their fatwas and clarification of Sharia issues, and to the supervisory and regulatory authorities for their support and cooperation and oversight, and to the shareholders and respected customers for choosing BisB for conducting their banking and financial services activities, and to all staff of BisB for their efforts and dedication in performing their duties.