Bahrain Islamic Bank (BisB) has realized BD 2.5 million as net profit for Q1 2014 compared to a net profit of BD 1.1 million for same period of last year i.e. an increase of 128%, this is after deduction of the required net provisions amounting to BD 2.7 million.
In a Press Release issued by the Bank yesterday, Mr. Abdul Razak Abdulla Hassan Al Qassim – Chairman of the Board of Directors announced that the Board has approved the Financial Statements for the first three months of 2014. The Board of Directors has expressed its satisfaction with the positive results which were attained as a result of adhering to the Board directions to concentrate on rationalizing investments and to direct all efforts towards retail and corporate finance in addition to selected Sukuk investments.
Mr. Abdul Razak Al Qassim – Chairman then explained that the Board of directors are in the process of finalizing BisB Strategy for the coming five years which was developed with the assistance of Boston Consulting Group (BCG).
The Chairman then explained that the Bank has a lot of potential and solid pillars of assets and human resources. By the support of its major shareholders: NBB, Osool, IDB and Kuwaiti Awqaf, the Bank is poised to realize more returns for its shareholders and depositors in the future.
On his part, Mr. Mohammed Ebrahim Mohammed – CEO of the Bank expressed his satisfaction with the positive results for the first three months of 2014 which were achieved by Allah Almighty’s blessings and the efforts and contribution of each BisB staff. This result reflect the strong financial position of the Bank where it is relying on income and fees from core finances and activities to a large extent, in addition to the continued efforts on further developing the customer base of the Bank as a result of offering excellent services and products for all its clients.
The performance of some important financial indicators for the first three months of 2014 as compared to same period last year has been satisfactory: where net operating profit before provisions reached BD 5.2 million as compared to BD 5.1 million, total net provisions has reached BD 2.7 million as compared to total net provisions of BD 4 million, and net profit has reached BD 2.5 million compared to net profit of BD 1.1 million.
Mr. Mohammed Ebrahim Mohammed – CEO then explained that Islamic Finances has witnessed a growth of 2% for the first three months as compared to the month of December 2013. Islamic Sukuk has increased by 87% as compared to the month of December 2013. The Bank maintains a liquidity ratio of 22%, current accounts registered a growth of 6.5% as compared to the month of December 2013 this is in addition to the continued drop in the cost of funding as compared to their level at the same period of last year which is proof of the sound and solid financial position of the Bank.
The CEO then announced the opening of the third Financial Mall in Rifa which was inaugurated on 28th April 2014 this is to consolidate the activities of the Bank and to offer the most sophisticated financial services for BisB clients, where the customer finds in these financial malls all the financial and banking services expected by our customers and are offered during extended working days and time this is in addition to the availability of parking space to make it more satisfactory for our clients.
In conclusion, the Chairman & CEO expressed their thanks to the Members of the Board of Directors for their continued support, and to the respected Sharia Supervisory Board members for their fatwas and clarification of Sharia issues, and to the supervisory and regulatory authorities for their support and cooperation and oversight, and to the shareholders and respected customers for choosing BisB for conducting their banking and financial services activities, and to all staff of BisB for their efforts and dedication in performing their duties, asking Allah-Almighty that 2014 and the coming years would be successful and prosperous years to all.