BisB Realizes BD 3.3 Million as Net Profit in 2017 First Half

30-July-2017

Bahrain Islamic Bank (BisB) announced that it has realized a net profit of BD 3.3 million for the six month period ended on 30th June 2017 compared to a net profit of BD 3.1 million for the same period last year, an increase of 6%. Achieving total income of BD 21 million compared to BD 19 million for the same period last year, an increase of 11%. Total expenses increased to BD 12.7 million an increase of 5.9% over the same period last year which was equal to BD 12 million. Net impairment provisions for the period amounted to BD 4.6 million compared to BD 3.6 million for the same period last year.

The Bank recorded a net profit of BD 2.7 million in the three months ended on 30th June 2017 compared to BD 1.4 million for the same period of last year, while total revenue registered BD 10.9 million compared to BD 9.1 million for the same period last year.

Total expenses during the three months ended on 30th June 2017 amounted to BD 6.4 million compared to BD 6 million for the same period last year, while net provisions for the three months ended on 30th June 2017 amounted to BD 1.8 million compared to BD 1.7 million for the same period of last year.

The Board has approved the Bank's financial results in its meeting held yesterday Thursday 27th July 2017 , where the Chairman of the Board, Dr. Esam Abdulla Fakhro, announced that the Board has approved the Bank’s financial statements for the period ended on 30th June 2017, expressing the Board’s satisfaction with the positive results that reflect the good financial performance of the Bank and the effectiveness of the Bank's approved strategy and work plan during this period.

Dr. Esam Abdulla Fakhro, Chairman of the Bank, said: "The Bank continues to follow its new policy adopted by the Board of Directors, which focuses on the large, medium and small companies sector in line with the expectations of the Board and the opportunities available in the market. He confirmed that the Bank takes into account the strong competition in the local market and the current economic and political conditions, and expressed the satisfaction of the Board of Directors of the Bank on the progress of implementing the Bank's strategy and the results achieved which are progressing in a very good manner.

On his part, Mr. Hassan Amin Jarrar, Chief Executive Officer of the Bank, said: "The good results of this period of the year, which have been achieved, thanks to God, and then to the efforts of all employees, reflect the continuous improvement in the Bank's various business sectors. We achieved an increment of 6% over the net profit of the same period of last year, where the Bank relies on revenues and fees from finances and other major activities, which represent 100% of total revenue. The Bank has a high liquidity ratio of 11.9%, as well as ongoing efforts to expand the Bank's customer base as a result of the Bank's unique services presented to all its customers."

Mr. Jarrar then added, "Islamic finances witnessed an increase of 1.2%, TEJOORI ALISLAMI accounts and other savings accounts increased by 5% as compared to 31st December 2016, as well as an increase in current accounts by 9% and deposits from financial institutions by 84% as compared to 31st December 2016. Above that, the Bank stands on a solid base of customers for their trust in the Bank and its distinctive banking services."

Considering taking care of the human resource factor, Mr. Hassan Jarrar noted that the Bank has not been slow to continue developing its staff and providing them with the necessary training in line with their training needs and the requirements of the banking market. The bank has recently offered seven managers the opportunity to participate in the “Leadership Development Program” organized by the Darden School of Business at the University of Virginia in the United States in collaboration with the Bahrain Institute for Banking and Financial Studies (BIBF) and the Emirates Institute for Banking and Financial Studies to develop their leadership skills.

To enhance the social responsibility of the Bank and its role in serving the Islamic Financial Industry, Mr. Hassan Jarrar praised the success of “The First Forum for Introducing Islamic Banking Products”, which was recently organized by the Bank with the participation of a large number of imams and preachers of mosques and mosques of the Kingdom of Bahrain belonging to the directors of the Sunni and Jafariyya Awqaf in the Ministry of Justice, Islamic Affairs and Endowments. He pointed out that the forum has achieved its objectives, which are concerned with defining the Islamic banking and Islamic banking transactions and clarifying fatwas concerning products offered by Islamic banks, and to show the great efforts exerted by Islamic financial institutions in serving this sector.

With the Bank's interest in information security, which is one of the most important challenges facing banking institutions, Mr. Hassan expressed his pleasure that the Bank has been awarded the certification of compliance with the standards of credit card information security (PCI-DSS V3.2) issued by SISA Information Security, one of the world's leading companies specializing in data security assessment in the Middle East and is endorsed by the International Council of payment cards (PCI) ". Pointing out that the Bank has been awarded this prestigious certification for its commitment to provide high quality and secure banking services to its customers, to provide a secure banking environment for customer information, especially regarding payment card security of all types.

In conclusion, the Chairman and CEO of the Bank expressed their thanks and appreciation to the Board of Directors for their continuous support, and to the honorable members of the Sharia Supervisory Board for clarifying the Sharia banking matters, and for the supervisory authorities for their co-operation and guidance, and to the shareholders and dignified customers for choosing the bank to conduct all their banking transactions and to all employees of the Bank for their efforts and dedication.