Bahrain Islamic Bank’s Chairman of the Board of Directors, Dr. Esam Abdulla Fakhro, confirmed that the Bank has achieved a net profit of BD 3.5 million for the six months ended June 30, 2018 compared to a net profit of BD 3.3 million for the same period last year, an increase of 6%. The Bank achieved a total income of BD 20.5 million for the period ended 30th June 2018 compared to BD 20.6 million for the same period last year, a decrease of 0.5%.
Total expenses were declared at BD 12.3 million for the first half of 2018, a decrease of 3.1% over the same period last year which was equal to BD 12.7 million. Earnings per share have also increased to 3.34 fils for the period ending on 30th June 2018 compared to 3.12 fils for the same period last year, an increase of 7%. Net impairment provisions for the six months period amounted to BD 4.6 million compared to BD 4.7 million for the same period last year.
The Board has approved the Bank’s financial results in its meeting held yesterday, Monday 13th August 2018. Dr. Fakhro, announced the Board’s approval for the Bank’s financial statements for the period ended on 30th June 2018, expressing the Board’s satisfaction with the positive results that reflect the Bank’s continued improvement and the effectiveness of its strategy and work plan during this period. Mr. Hassan Amin Jarrar, Chief Executive Officer of the Bank, said:
“Islamic financing witnessed an increase of 1.4%, Tejoori Al Islami accounts and other savings accounts increased by 1.8% compared with 31st December 2017, as well as an increase in current accounts by 14%, and placements and borrowings from financial institutions by 16.8% compared with 31st December 2017. The Bank witnessed many achievements during this quarter, including the success of ‘The 2nd Forum of Islamic Shari’a Advisors and Legal Experts’ which discussed the latest and most pressing issues concerning Islamic banking. The first batch of employees completed a series of training programs in various disciplines related to banking, management skills and leadership skills. BisB launched its Innovation Lab, and re-launched Al Thuraya Premium Banking Services with new and exclusive features.”
Source Al Bawaba