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Bahrain Islamic Bank profits increase by 33 per cent

Bahrain: Wednesday, July 11 - 2007 @ 09:23

Bahrain Islamic Bank (BIsB) continues to achieve excellent financial results reflecting the continuation of the positive and remarkable change in the Bank’s management and policy initiated following the restructuring of the Bank.

In a press release issued by BIsB today, the first half 2007 financial results were announced.

In a statement, Mr. Khalid Abdulla Albassam, BIsB Board Chairman said, “This excellent performance is due to the remarkable growth in the entire Bank’s business activities, and in particular the finance and investment transactions. This contributed to a significant increase in the total income from the Bank’s business activities in addition to a huge increase in total assets and customers’ accounts.”

“The operating income rose by BD23 million, an increase of 44 percent compared with BD16 million during the same period of 2006. He attributed the increase to the continuous growth in Islamic finance transactions and realizing an attractive returns on the Bank’s various investment activities” he noted.

“The increase in total income contributed to an increase in return on investment accounts to BD8 million or 60 percent compared with BD5 million last year. Thus, the Bank’s management is still keen on distributing the best returns to its investors which attracted a bigger local market shares while market prices are continuously rising.” Mr. Albassam added.

On the other hand, the Bank’s Acting Chief Executive Officer Mr. Mohammed Ebrahim Mohammed highly praised the excellent financial results achieved by the Bank stating “As for the Bank’s financial position, the total assets rose by 12 percent during the second quarter of 2007 at BD487 million.”.

“Such increased focused mainly on finance transactions and the steady increase in the Bank’s investments in general. The big increase was reflected in the rise of amounts invested by banks which impacted the short-term Murabahas.” Mr. Mohammed continued.

“At the beginning of this month, the Bank successfully and smoothly launched its new core banking system which will positively be reflected in better customer service and products offered by the bank” he continued.

He also assured that the bank will continue its policy of attracting high caliber and professional experienced personnel as part of its long term strategic policy.

BIsB AGM was held last March and approved the Board of Directors’ recommendation to increase the capital to BD Million 100 at the rate of 100 percent of the issued and paid up capital of the Bank.

The increase was approved to BD60,241,000 by a number of 283,360,000 shares through the issue of new shares in two stages this year. The Board of Directors were authorized to adopt the necessary legal provisions for this purpose. It should be noted that the share issue price has been fixed at 300 fils per share, which includes 200 fils as issue premium.

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Wednesday, July 11- 2007 @ 9:23 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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