BisB Achieves BD 3.2 million in net profits for the first half of 2011

26-July-2011

In a Press Release issued by the Bank yesterday, Mr. Khalid Abdulla Al-Bassam – Chairman of the Board of Directors stated that the Board has approved the Interim Consolidated Financial Statements for the first half of the year 2011 where the Bank has achieved BD 3.2 million as net profit compared to a net loss of BD 5.7 million for the same period of last year. The Bank has registered BD 1.7 million as net profit for the three months from April to June 2011 as compared to a net loss of BD 6.9 million for the same period of last year.

The Chairman then explained that the positive results have been realized at the same time of concluding the offering of the Share Rights Issue in which the capital of the Bank has been increased to a stronger level. In addition the bank has seen improvements in its finance and investment portfolios. The Chairman also highlighted that the Bank is progressing well with a stronger capital and liquidity base.

On his part, Mr. Mohammed Ebrahim Mohammed – CEO of the Bank announced that these good results were achieved as a result of the hard efforts exerted by the Bank so as to improve and develop its finance and investment portfolios so as to attain better results to its shareholders and depositors and to continue performing as a leading Bank providing excellent services to all its customers through its branch network which is all over Bahrain. Continuing on the CEO explained that the Bank has signed lately an agreement to build five financial malls in Muharraq, Isa Town, Rifa, Hamad Town and Budday. It is targeted that these malls be completed before the end of next year. These will contribute to a great extent in providing a higher level of financial and banking services to our customers with a nicer and more comfortable business environment. 

The CEO then rendered his thanks and appreciation to the Chairman and Members of the Board of Directors for their guidance and support, and to the respected Sharia Board members for their fatwas and clarification of Sharia issues, and to the regulatory authorities for their cooperation and follow-up, and to the shareholders and the customers for choosing BisB for conducting their banking and financial business, and to all BisB management and staff for their efforts and dedication in performing their duties.