The Bank has achieved a net profit of BD 3.5 million for the six months ended June 30, 2018 compared to a net profit of BD 3.3 million for the same period last year, an increase of six per cent, Bahrain Islamic Bank’s (BisB) Chairman of the Board of Directors, Dr. Esam Abdulla Fakhro, confirmed.
The Bank achieved a total income of BD 20.5 million for the period ended 30 June 2018 compared to BD 20.6 million for the same period last year, a decrease of 0.5 per cent.
Total expenses were declared at BD 12.3 million for the first half of 2018, a decrease of 3.1 per cent over the same period last year which was equal to BD 12.7 million. Earnings per share have also increased to 3.34 fils for the period ending on 30 June 2018 compared to 3.12 fils for the same period last year, an increase of seven per cent.
Net impairment provisions for the six months period amounted to BD 4.6 million compared to BD 4.7 million for the same period last year. For the three months of the second quarter, ending 30 June 2018, the Bank recorded a net profit of BD 1.4 million compared with BD 2.7 million for the same period last year, a decrease of 48 per cent while total income achieved BD 10.3 million compared with BD 10.9 million, a decrease of 5.5 per cent Total expenses during the three months ended on 30 June 2018 amounted to BD 6.3 million compared with BD 6.4 million for the same period last year, while net provisions for the three months ended on 30 June 2018 amounted to BD 2.6 million compared with BD 1.8 million for the same period of last year.
The Board has approved the Bank’s financial results in its meeting held on 13 August 2018. Fakhro, announced the Board’s approval for the Bank’s financial statements for the period ended on 30 June 2018, expressing the Board’s satisfaction with the positive results that reflect the Bank’s continued improvement and the effectiveness of its strategy and work plan during this period. “Taking into account the strong competition prevalent in the banking industry, along with the current economic and political conditions in the market, the Bank continues to follow its newly-formed policy adopted by the Board of Directors, which focuses on accommodating large, medium and small enterprises, evaluating business strategy risks and opportunities outlined at the start of the year. The Board of Directors is satisfied with the Bank’s progress in implementing the Bank’s strategies, and the positive results achieved, which continue to move in the right direction,” said Fakhro.
Hassan Amin Jarrar, Chief Executive Officer of the Bank, added that the Q2 results reflect the Bank’s continuous improvement across various business sectors. “The Bank has maintained a significant liquid assets-to-total-assets ratio of 12.4 per cent demonstrates the Bank’s ongoing efforts to expand its customer base, as well as the strength of our diversified portfolio of financial solutions we offer our customers.”
Jarrar added that Islamic financing witnessed an increase of 1.4 per cent, Tejoori Al Islami accounts and other savings accounts increased by 1.8 per cent compared with 31 December 2017, and there was an increase in current accounts by 14 per cent, and placements and borrowings from financial institutions by 16.8 per cent compared with 31 December 2017. “The Bank witnessed many achievements during this quarter, including the success of ‘The 2nd Forum of Islamic Shari’ah Advisors and Legal Experts’ which discussed the latest and most pressing issues concerning Islamic banking. The first batch of employees completed a series of training programs in various disciplines related to banking, management skills and leadership skills. BisB launched its Innovation Lab, and re-launched Al Thuraya Premium Banking Services with new and exclusive features,” he said.