BisB announces BD 5.4m profit for first nine months
Manama : Bahrain Islamic Bank (BisB) announces BD5.4 million profit on its activities for the first nine months of the current year, after deducting BD7.5m as net provisions, compared to BD4.3m net profit for the same period of the previous year.
Dr Esam Abdullah Fakhro, Chairman of the Bank, said, “In the nine months to September, 2017, the Bank registered net operating income of BD 13ms compared to BD 10.2m for the same period last year.”
He stated that compared with last year, Islamic Financing had grown 10 per cent for the first nine months, while customer investment accounts increased by 13.9pc.
For the third quarter of 2017, net operating income was BD5.1m compared to BD3.5m for the same quarter last year. Net provisions for the quarter were set at BD2.9m compared to BD2.3 in the matching period in 2016. Net profit for the three months period was BD2.2m compared to BD1.2m last year.
Hassan Jarrar, Chief Executive, said, “These results are generated from the Bank’s focus on revenues and fees from major core banking financing activities. 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 all aspects of the Ishraq programme. In terms of reorganizing and shaping the Bank’s financial position, BisB continues to exit some nonearning assets, focus on costs, diversify funding sources and expand the customer base.”
He added, “The Bank’s focus on providing outstanding customer service, has resulted in enhancement of product and service offerings, supported by campaigns and programs which encourage customers to invest and receive rewards, such as Tejoori account draws and credit card promotions.”
Jarrar also expressed his satisfaction with the continuing development of the Bank’s digital services. BisB recently launched the ‘BenefitPay’ service in conjunction with Benefit Co. This service for merchant clients enables them to collect amounts for their sales directly from customers without the need for cash or cards.
The Chief Executive Officer also noted the Bank has financed several important projects and has signed Memorandums of Understanding (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, Jarrar announced the appointment of Dalal Al Qhais to be its first Bahraini woman occupying the post of Head of Retail Banking, and the appointment of Mahmood Qannati as Head of Corporate Communications and Marketing.
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