BisB reports 9 month profit of BD6.9 million

Bahrain Islamic Bank (BisB) reported a net profit of BD6.9 million for the nine months ending this year, after deducting net provisions, compared to net profit of BD5.4m for the same period last year, an increase of 26.2 per cent. Earnings per share increased to 6.54 fils from 5.18 fils in the same period last year, an increase of 26.2pc.

“The positive results achieved in this period are clear evidence of the successful implementation of the Bank’s strategic plan ‘Ishraq - Back to Basics’ in its third year and on the various aspects of the strategy application, and we have been able to achieve tangible progress in various business sectors,” said Hassan Jarrar, Chief Executive Officer of the Bank. Total expenses decreased 4.6pc to BD18.7m from BD19.6m recorded in the year ago period.

Dr. Esam Abdullah Fakhro, Chairman, said, “In the nine months, the bank recorded a net operating profit of BD12.6m compared to BD13m for the same period last year, a decrease of 2.7pc. In addition, the bank recorded a total operating income of BD31.3m compared to BD32.6m for the same period last year, a decrease of 3.9pc.” For the three-month period, net operating profit was BD4.5m compared to BD5.1m in the same period last year, a decrease of 12.1pc.

Net provisions were BD1.1m compared to BD2.9m in the year ago period. Net profit was BD3.4m compared to net profit of BD2.2m in the prior year period, an increase of 55.3pc. Earnings per share increased to 3.2 fils compared to 2.06 fils for the same period last year, an increase of 55.4pc. Hassan Jarrar, Chief Executive Officer, said, “The Bank has achieved satisfactory results, with Islamic finance growing by 2.3pc for the first nine months and customers saving accounts increasing by 3.3pc.”