BisB records BD4.3m profit

Manama : Bahrain Islamic Bank (BisB) announced it has realised BD4.3 million as net profit on its activities for the first nine months of the current year, after deducting BD6m as net provisions, compared to BD8.6m net profit for the same period of the previous year. 

Commenting on the results, 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 BD28.7m compared to BD31.4m for the same period last year. The board has decided to set BD6m as net provisions compared to BD 7.3m for the same period last year. This has resulted in BD4.3m as net profit compared to BD8.6m as net profit for the same period of last year, i.e. a decrease of 50 per cent”.

On his part Hassan Amin Jarrar - CEO of the Bank stated that as compared to end of last year Islamic Finances has witnessed a growth of 12pc for the first nine months, and customer investment accounts increased by 6pc. Net operating income for the three months reached BD9.8m compared to BD10.4m for the same period last year, net provision registered BD2.3m for the three months compared to BD4.6m for the same period last year. Realised net profit for the three months is BD1.2m compared to BD374 thousand for the same period last year, an increase of 221pc.

The CEO also said: “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”.

Besides, he confirmed that the bank is continuing its development of its human cadre in alignment with the anticipated plans and goals, where the Bank has organised 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”.