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BisB’s nine-month profit hits BD5.4 million

Bahrain Business
Thu, 02 Nov 2017
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MANAMA: Bahrain Islamic Bank (BisB) has reported BD5.4 million profit for the first nine months of the current year, after deducting BD7.5m as net provisions.

A statement said net profit for the same period of the previous year was BD4.3m.

“In the nine months to September, the bank registered net operating income of BD13m compared with BD10.2m for the same period last year,” said chairman Dr Esam Abdulla Fakhro.

He also said that during the first nine months, the bank’s financing had grown 10 per cent while customer investment accounts had increased by 13.9pc when compared with last year.

For the third quarter, net operating income was BD5.1m compared with BD3.5m for the same quarter last year.

Net provisions were set at BD2.9m compared with BD2.3m in the matching period in 2016.

Net profit for the three months was BD2.2m compared with BD1.2m last year.

“These results are generated from the bank’s focus on revenues and fees from major core banking financing activities,” said chief executive Hassan Jarrar.

“BisB has continued with its successful implementation of the Ishraq - Back to Basics strategy, now in its second year.

We have seen significant progress in terms of reorganising and shaping the bank’s financial position, as we continue to exit some non-earning assets, focus on costs, diversify funding sources and expand the customer base.”

The CEO also said the bank has financed several important projects and has signed MoUs with major companies to implement a number of strategic projects in the region, such as in the area of project performance bonds in collaboration with Trust Re and Takaful Insurance Company.

As part of its ongoing plans to strengthen its management team with qualified national competencies, Mr Jarrar announced the appointment of Dalal Al Qhais as the first Bahraini woman to become the head of retail banking, and the appointment of Mahmood Qannati as head of corporate communications and marketing.

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