Manama,Bahrain - Shamil Bank of Bahrain, a leading Islamic commercial and investment bank and member of the Ithmaar banking group, today announced its highest ever nine-month net profit of US$63.9 million for the period ended September 30, 2007. This shows an increase of 27 per cent as compared with a net profit of US50.2 million for the same period last year. Total income also rose by 23 per cent from US$76.7 million to US$94.7 million. Consolidated total assets rose by US$ 160 million from US$1.69 billion as at 31 December, 2006 to US$1.85 billion at the end of September this year.
Chairman of the Board of Directors Mohamed Abdulla Al Anqari expressed great satisfaction with the financial results.
"The Bank has experienced remarkable growth over the last few years, which has been to the benefit of shareholders, investors, customers and other stakeholders," he said.
Chief Executive and Member of the Board Mohammed Hussain said that the third quarter saw a continued expansion of Shamil Bank operations, particularly on the retail side.
"At the same time we have also managed to strengthen all our other business lines, namely Investment Banking, Corporate Banking, Small and Medium Enterprises Financing and Private Banking services for high net worth customers," he continued
"Our associates and subsidiaries, including Faysal Bank Limited, Pakistan and Faisal Private Bank, Switzerland, also continued to do well in the last quarter, contributing significantly to the consolidated earnings," added Hussain.
Shamil Bank's consolidated total assets rose to US$1.9 billion compared to US$1.7 billion at the end of December, 2006. Murabaha financing increased by US$116 million to US$793 million, as the Bahraini market continued to expand.
Earnings per share rose from five US cents to seven, while average return on equity increased to 22.6 per cent, compared to 19.7 per cent for the same period in 2006.
"Our Bahrain network was significantly larger at the end of the last quarter, with the opening of two new branches in Umm Al Hassam, and Arad, as well as two more off-site ATM machines in Hamala and Galali. We now have a total of nine full branches and 18 ATMs, spread across all the major population centres of the Kingdom," said Hussain.
"Shamil Bank will continue to pursue its strategic goals, with the aim of maintaining its pioneering position within the Kingdom. We will be offering pioneering retail and corporate Islamic banking products through our growing branch and ATM network. Our Investment Banking division will also be bringing to the market new offerings that cater to different market segments," said Hussain.
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About Shamil Bank
Shamil Bank of Bahrain B.S.C. (Shamil Bank) is a leading Islamic commercial and investment bank incorporated in the Kingdom of Bahrain. The Bank has grown steadily since 1982 to become a leading Islamic financial institution with shareholders' equity of US$ 401 million as at 30 September 2007.
The Bank provides a diverse range of products and services that cater to the financing and investment needs of individuals and institutions. It conducts its business in compliance with the principles of the Islamic Sharia.
Shamil Bank is a subsidiary of Ithmaar Bank B.S.C., a full service investment bank with a paid up capital of US$ 360 million.. Ithmaar Bank has a 60% shareholding in Shamil Bank.
Shamil Bank operates a network of local branches and maintains a presence in overseas markets through its subsidiary, associated and affiliated companies. Both Shamil Bank and its majority shareholder, Ithmaar Bank, are listed on the Bahrain Stock Exchange.
The Bank has set a strategic mission to become a premier bank, recognized for developing, arranging and distributing superior and value-added products and services that conform to the Islamic principles and meet customer needs.
The philosophy of Islamic finance is based on the redistribution of wealth. Shamil Bank is distinguished by its unwavering commitment to Islamic values and will continue to support the employment of wealth in productive assets, investments, trade and in creating value for the society at large. The Bank is committed to excellence in fulfilling its responsibility and enhancing value to its customers and shareholders.
The Bank's activities are supervised by the Central Bank of Bahrain and a Religious Supervisory Board. The financial statements of the Bank are audited annually and reviewed quarterly by an international audit firm. These statements are subsequently published in the newspapers.
Shamil Bank website: http://www.shamilbank.net/
For more information, please contact: S
haraf Khawaja
Marketing Manager
Shamil Bank of Bahrain
Tel: 00973-17585082
Fax: 00973-17585140
Email: sharaf.khawaja@shamilbank.net
Tariq Khonji
Assistant Director
PR and Corporate Communications
Ithmaar Bank
Tel: 00973-39901721
© Press Release 2007
