Bahrain Islamic Bank realizes 105% half yearly profit compared to last year

30 July 2015
BisB announced that it has realized BD 8.2 million as net income for the six month period ended 30 June 2015, compared to BD 4.0 million for the same period last year, an increase of 105%.

The Bank has reported for the three months ended 30 June 2015 net income of BD 5.1 million compared to BD 1.5 million for the same period last year while gross income reached BD 11.2 million as compared to BD 7.8 million for the same period last year. Total expenses for the three months period ended 30 June 2015 remained the same at BD 5.3 million as compared to BD 5.3 for the same period last year. Net provisions for the three months ended 30 June 2015 amounted to BD 786 thousand as compared to BD 1 million for the same period last year.

Mr. Abdul Razak Al Qassim - Chairman of the Bank then explained that in the period ended on 30^th June 2015 the Bank registered BD 21.0 million as gross income compared to BD 18.0 million for same period last year while reducing total expenses to BD 10.2 million which is 5% less than the BD 10.7 million total expenses for the same period last year. The Board of Directors has decided to set aside net provisions amounting to BD 2.6 million during the period as compared to BD 3.8 million for the same period last year.

In a Press Release issued by the Bank yesterday Wednesday 29^th July, Mr. Abdul Razak Abdulla Hassan Al Qassim - Chairman of the Board of Directors announced that the Board has approved the Bank Financials for the period ended on 30^th June 2015. The Board has expressed its satisfaction with these positive results which manifest the good financial performance of the Bank and reflects on the effectiveness of the Bank's strategy and the operation plan during the period.

The Chairman also explained that the Bank is continuing on applying its new Board approved policy which concentrates on seizing new corporate finance opportunities and to attract the largest possible number of clients so as to increase its retail finance portfolio that suit the  Board aspirations, taking into consideration competition in the local market. The Board of Directors has expressed its satisfaction with the progress in implementing the new strategy and the attained results that reflect a steady progress.  

The Chairman of the Bank also welcomed Mr. Hassan Amin Jarrar as new CEO of the Bank who joined the Bank and assumed his duties as chief of the Executive Team on 1^st July 2015. The Chairman then hailed Mr. Jarrar on his qualifications and work experience. He wished Mr. Jarrar all the success in his new duties and stressed that the Board will advance every possible support to him.

On his part, Mr. Hassan Amin Jarrar - the CEO lauded the good results for the period which were attained by the grace of Allah and reflect on the good financial position of the Bank where realized net income were more than 105% of the net income for the same period of last year. More than 96% of the Bank's gross revenues was generated from finances and core business activities. The Bank entertains a good liquidity level of 14.9% as compared to liquidity level on 31^st December 2014  Persistent efforts are on full force to expand the customer base of the Bank as a natural result of the distinguished services presented by the Bank for all its clients.

The CEO then explained that Islamic Finances witnessed an increase of 8%, and Tejoori and other saving accounts have increased by 14% as compared to 31 December 2014. Moreover, current accounts increased by 5% and placements from financial institutions increased by 21% as compared to 31 December 2014. The Bank stands on solid ground as far as its customer base is concerned for their confidence in the Bank and in its distinguished services.

The CEO then cited the receiving of the prize of "Best Islamic Retail Bank in the Kingdom of Bahrain" by BisB from the reputable "International Finance Magazine". The Bank will continue to reap such valuable regional awards which reflect on the distinguished level of services provided by the Bank, its financial position, and its leadership of the local Islamic Banking Sector.

The CEO then hinted that we will be advancing with steady footsteps on a long journey full of challenges, with the aim of enabling the Bank to perform in an outstanding manner and to develop the major asset in Banking which is the human factor. The development of academic, practical and leadership abilities through programs designed to motivate Bahraini youth and the creation of young leaders who possess all the qualities of successful leadership so as to be a good support to the Banking sector in general and to Bahrain Islamic Bank, specifically. He continued, we will proceed steadfastly on this track through special programs designed to make BisB the pioneer Bank in attracting and developing banking competencies of the future. He also hinted that we will work diligently on developing our relationship with the commercial sector and to attract new names which has its weight and reputation in the local and regional markets, and at the same time to preserve the Bank's current clients and to advance every support and backing to them.

In conclusion, the Chairman and the 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.

© Press Release 2015