13.05.2015, 13:25
Bahrain Islamic Bank (BisB) realizes BD 3 million net profit
OREANDA-NEWS. BisB announced that it has realized BD 3 million as net profit for the period ended on 31st
March 2015, compared to BD 2.5 million for the previous period, an increase of 23%.
Mr. Abdul Razak Al Qassim – Chairman of the Bank then explained that in the period ended on 31 March 2015 the Bank registered BD 9.7 million as gross income compared to BD 10.6 million for same period last year while reducing total expenses to BD 4.8 million which is 10% less than BD 5.4 million total expenses for the same period last year. The Board of Directors has decided to set aside provisions amounting to BD 1.8 million during the period as compared to BD 2.7 million for the same period last year.
In a Press Release issued by the Bank yesterday Tuesday 12 th May, 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 31st March 2015, where the Board has expressed its satisfaction with the positive results which highlights the strong financial performance achieved by the Bank and reflect on the success of the Business Plan during the year.
The Chairman also explained that the Bank has kept a strong balance sheet during 2015, and good liquidity ratios reaching 16.6% along with the continuous exits from the real estate investments portfolio during the first quarter, which confirms that management of the Bank is keen to pursue a conservative and prudent business policy on all aspects of operations and finances availed by the Bank. The Board of Directors has expressed its satisfaction with the progress in implementing the Bank’s new strategy and the achieved results indicating smooth and good ongoing progress.
On his part, Mr. Mohammed Ahmed Janahi the Acting CEO has hailed the positive results of this year which has been attained by the Grace of Allah Almighty. The results reflect on the strong financial position of the Bank where 95% of the Bank’s gross revenues was generated from finances and core business activities. 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 Acting CEO then went on to explain that Islamic Finances witnessed an increase of 3% and Tejoori and other saving accounts have increased by 5% as compared to 31 December 2014. Moreover, current accounts increased by 9% and placements from financial institutions increased by 8% 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. Page 2 of 2 In conclusion, the Chairman and the Acting 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.
Mr. Abdul Razak Al Qassim – Chairman of the Bank then explained that in the period ended on 31 March 2015 the Bank registered BD 9.7 million as gross income compared to BD 10.6 million for same period last year while reducing total expenses to BD 4.8 million which is 10% less than BD 5.4 million total expenses for the same period last year. The Board of Directors has decided to set aside provisions amounting to BD 1.8 million during the period as compared to BD 2.7 million for the same period last year.
In a Press Release issued by the Bank yesterday Tuesday 12 th May, 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 31st March 2015, where the Board has expressed its satisfaction with the positive results which highlights the strong financial performance achieved by the Bank and reflect on the success of the Business Plan during the year.
The Chairman also explained that the Bank has kept a strong balance sheet during 2015, and good liquidity ratios reaching 16.6% along with the continuous exits from the real estate investments portfolio during the first quarter, which confirms that management of the Bank is keen to pursue a conservative and prudent business policy on all aspects of operations and finances availed by the Bank. The Board of Directors has expressed its satisfaction with the progress in implementing the Bank’s new strategy and the achieved results indicating smooth and good ongoing progress.
On his part, Mr. Mohammed Ahmed Janahi the Acting CEO has hailed the positive results of this year which has been attained by the Grace of Allah Almighty. The results reflect on the strong financial position of the Bank where 95% of the Bank’s gross revenues was generated from finances and core business activities. 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 Acting CEO then went on to explain that Islamic Finances witnessed an increase of 3% and Tejoori and other saving accounts have increased by 5% as compared to 31 December 2014. Moreover, current accounts increased by 9% and placements from financial institutions increased by 8% 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. Page 2 of 2 In conclusion, the Chairman and the Acting 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.
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