Bahrain Islamic Bank (BisB) realizes BD 6.6 million net profit in 9 months

29-October-2014

In a Press Release issued by the Bank yesterday Tuesday 28th Abdulla Hassan Al Qassim – Chairman of the Board of Directors announced, after the Board approval of the Financial Statements for the period ended on 30th that BisB has realized BD 6.6 million as net profit for the nine months of the current year, after deducting BD 6.1 million net provisions, compared to BD 3.8 million as net profit for the same period of last year.

Mr. Abdul Razak Al Qassim – Chairman then explained that BD 12.7 million net operating profits has been realized compared to BD 12.9 million for the same period last year. The Board has decided to set BD 6.1 million as net provisions compared to BD 9.2 million for the same period last year, this has resulted in BD 6.6 million as net profit compared to BD 3.8 million as net profit for the same period of last year, an increase of 74%.

Mr. Abdul Razak Al Qassim stated that the Board of Directors is continuing with the implementation of the new strategy with special focus on the growth of its core activities and disposal of nonperforming investment assets and to exploit opportunities for entering new markets with the aim of expanding the Banks activities.

Concerning the financial results, Mr. Ahmed Mohammed Hassan the Acting CEO explained that Islamic Finances witnessed an increase of 15% for the first nine months compared to December 2013, and Islamic Sukuk increased by 78% compared to December 2013, current accounts registered an increase of 23% compared to December 2013, in addition to the continued decline in the cost of funds compared to same period of last year.

Operating profits for the three months of Q3 reached BD 4.9 million compared to BD 4.8 million for the same period of last year, net provisions of BD 2.3 million for Q3 compared to net provisions of BD 3.4 million for the same period of last year, and net profit of BD 2.5 million for Q3 compared to net profit of BD 1.4 million for the same period of last year.

The Acting CEO stated that all what has been achieved is considered a success of the new strategy plan where the Bank has relied fully on revenues and fees from finances and major activities and that all revenues are free from revaluations or unearned profits, with the exception of the successful exit from some investment portfolios, and the semifinal exit from listed equities with a net gain of BD 3 million.

The Acting CEO stated on the same lines that the Bank has successfully opened its Financial Mall in Hamad Town on 20th activities and will present excellent services to its clients, where all banking and financial services are available during long working hours. In addition to the availability of parking space, to add to the convenience of our respected customers. September 2014, which will reinforce the Bank

The Acting CEO then announced that the Bank has received the award as the “Best Islamic Bank in Bahrain in 2014” which has been bestowed on the Bank by the British International Finance, which is an economic magazine with global readers in more than 185 countries, and is specialized in economic news and the presentation of analyses and writings in different economic subjects. The award will be received in a special ceremony which will be organized by the magazine in November in London.

In conclusion, the Chairman expressed his 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.