BisB reports net profit of BD8.4 m
Manama : Bahrain Islamic Bank (BisB) announced that it has realised BD8.4 million as net profit for 2016 compared to a net profit of BD11.2 m for the previous year, a decrease of 25 percent. The Bank has registered a net profit equal to BD4.1 m in the final quarter of 2016 compared to net profit equal to BD2.6 m for the same period of last year, an increase of 57pc.
In this respect, Dr. Esam Abdulla Fakhro – Chairman of the Board of Directors explained that the Bank has registered BD41.7 m as operating income for the 2016 compared to BD41.7 m for last year, stating that the Board of Directors has decided to take BD9.7 m as net impairment provisions for the year, as compared to BD9 m for last year.
Dr. Fakhro indicated that total operating income for the last quarter of 2016 reached BD13.1 m compared to BD10.3 m for the same period last year, net provisions reached BD3.8 m for the last quarter of 2016 compared to BD1.7 m for the same period of last year, net profit realised is BD4.1 m compared to BD 2.6m for the same period in the previous year.
In a statement issued yesterday, Chairman of the Board of Directors announced that the Board has approved the Financial Statements for the 2016 financial year, and that the Board of Directors has expressed its satisfaction with the financial results of the Bank.
“2016 has witnessed a significant improvement in many work areas in the Bank, most notably the launch of the Bank internal strategy “Shine-Back to Basics,” which aims at business development in the Bank, and the development of staff abilities to be in line with shareholders and customers expectations, simultaneously. Despite the difficult circumstances experienced in the region and the economic challenges faced by the banking market in general, the Bank was able keep a good balance sheet and liquidity ratios during the year,” Dr. Fakhro said.
For his part, Hassan Amin Jarrar Chief Executive Officer of the pointed out that Islamic finances have increased by 13 pc, in addition to the increase in customer investment accounts by 9 pc as compared to 2015.
“Cost of deposits in 2016 also increased by 46 pc as compared to the previous year,” he said.
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