Bahrain Islamic Bank (BisB) announced a net profit of BD6.9 million ($18.2 million) during the nine months ending this year, compared to net profit of BD5.4 million for the same period last year, an increase of 26.2 per cent.

Bahrain Islamic Bank (BisB) announced a net profit of BD6.9 million ($18.2 million) during the nine months ending this year, after deducting net provisions of BD5.8 compared to net profit of BD5.4 million for the same period last year, an increase of 26.2 per cent.

Earnings per share have also increased to 6.54 fils for the period ending September 30 compared to 5.18 fils for the same period last year, an increase of 26.2 per cent.

Dr Esam Abdullah Fakhro, chairman of the Bank, said: "In the nine months ended this year, the bank recorded a net operating profit of BD12.6 million compared to BD13 million for the same period last year, a decrease of 2.7 per cent. In addition, the bank recorded a total operating income of BD31.3 million compared to BD32.6 million for the same period last year, a decrease of 3.9 per cent."    

“Compared to the end of last year, Islamic finance grew by 2.3 per cent, saving accounts increased by 3.3 per cent and placements with financial institutions increased by 11.7 per cent. Also, total assets decreased by 0.9 per cent from BD1.23 billion to BD1.22 billion.

“Total expenses were declared at BD18.7 million for the nine months ending of 2018, a decrease of 4.6 per cent over the same period last year which was equal to BD19.6 million. Total shareholders’ equity stands at BD114 million as of 30th September 2018 compared to BD122 million as of 31st December 2017, a decrease of 6.4 per cent,” he added.

Net operating profit for the three-month period was BD4.5 million compared to BD5.1 million for the same period last year, a decrease of 12.1 per cent. Net provisions were 1.1 million for the three months compared to BD2.9 million for the same period last year and net profit of BD3.4 million for the three months compared to net profit of BD2.2 million for the same period last year, an increase of 55.3 per cent. Earnings per share increased to 3.2 fils for the three months’ period ending on 30th September 2018 compared to 2.06 fils for the same period last year, an increase of 55.4 per cent.

Hassan Jarrar, chief executive officer of the Bank, said, "The Bank has achieved satisfactory results during the last period, with Islamic finance growing by 2.3 per cent for the first nine months and customers saving accounts increasing by 3.3 per cent. The Bank also recorded net operating profit recorded BD4.5 million for the three-month period, compared to BD5.1 million for the same period last year and total operating income recorded BD10.9 million for the three-month period compared to BD12 million for the same period last year, a decrease of 9 per cent.”

"The positive results achieved in this period are clear evidence of the successful implementation of the Bank's strategic plan" Ishraq - Back to Basics "in its third year and on the various aspects of the strategy application, and we have been able to achieve tangible progress in various business sectors. As a customer service provider, we have launched the "BisB Rewards" program for our prepaid and credit card customers, which allows them to collect points for their spending using their credit cards and prepaid cards through various points of sale and purchase and through the internet, inside or outside of the Kingdom of Bahrain. "

"We also signed a joint memorandum of understanding with Bin Faqeeh Real Estate Investment Company to provide financing to customers who want to buy a villa in Al Sidra luxury residential project. And have signed a marketing agreement with RP Kingdom Projects, which aims to provide special financing for those wishing to own a property The Janayin Al Hamala project. We also re-launched the Thuraya Private Banking Account with exclusive offers and benefits to serve customers under this account,” Jarrar added.

As part of the Bank's efforts to reorganize and consolidate its financial position, Jarrar mentioned that the bank is continuing to exit some unearning assets, reduce its expenses, diversify its sources of financing and expand its customer base.

In line with the bank's ongoing plans to strengthen its management team with qualified national talents, Jarrar said that the Bank has appointed Mazar Rashid Jalal as Head of Compliance and Governance to further develop and improve the Bank's governance and compliance.

He also expressed his pleasure for recently winning the most innovative Islamic Bank award in the Kingdom of Bahrain in 2018, in the context of the annual reward awarded by International Finance Magazine. The reward was a result of the Bank's aggressive approach to digitization and innovation, and to its strive to keep pace with the latest technologies in the field of banking technology, ensuring the improvement and expansion of innovative secured banking services to customers. – TradeArabia News Service