Bahrain Islamic Bank (BisB) Continues its Positive Financial Results BD 3.5 million in Net Profits

13-November-2011

 

ahrain Islamic Bank (BisB) Chairman Mr. Khalid Abdulla Al Bassam announced in a press release issued on Sunday that the Board of Directors approved the Bank’s financial results for the 3rd Quarter, which achieved a BD 3.5 million in net profits for the first 9 months of the year.  The results were made in spite of provisions for the decline in assets value and the increase in general provisions to BD3.2 million during the period. Thus, the Bank was able to make BD1.2 million in net profits before provisions for the last quarter.

The Chairman also said these results compare with BD 9.9 million in net losses suffered during the same period of last year. The Bank was able to overcome the difficulties and challenges of the financial crisis that severely impacted the banking sector during the last two years and was able to continue its gradual growth in profitability and enhance its status amongst the banks operating in the Kingdom.

Meanwhile, BisB CEO Mr. Mohamed Ebrahim praised the positive results of the last nine months not only for its continued profitability but also for the ability of the Bank to maintain the required cash liquidity and capital adequacy which currently stands at 17%.  He expressed his satisfaction over the significant increase in customer deposits and growth of the banking transactions. He also added this is an indication of the high level of trust enjoyed by the Bank from all sectors in the Kingdom, including corporate and retail clients. 

BisB CEO said according to plans work has already started on building five financial malls in the areas of Arad, Rifaa, Budaiya, Hamad Town and Isa Town, all of which are set for completion in late 2012. The financial malls will provide a more convenient business environment for the Bank’s customers and will help to contribute to the increase of the Bank’s share of customer business, he added. 

He also announced that the Bank has won a prestigious award for the best Islamic Banking Website for 2011 according to the Arab Website Shield Award classification.  The award will be received by the Bank later this month at a major ceremony to be attended by a huge gathering of bankers and media representatives.

Finally, the Bank’s CEO expressed his thanks and appreciation to the Bank’s Chairman and members of the Board for their continuous support and assistance and to the members of the Sharia’a Supervisory Board for their guidance and clarification of Sharia’a banking issues.  He also thanked the Bahrain banking regulatory authorities, the shareholders and customers for their confidence and support.  He also praised the sincere efforts and hard work and efforts of all the Bank’s management and staff members.