BisB posts BD 10.1 m net profit
Manama : Bahrain Islamic Bank (BisB) yesterday announced financial results for the year ended 31st December, 2017 reporting a net profit of BD 10.1 million compared to a net profit of BD 8.4m last year, an increase of 20 per cent.
During the last quarter of 2017, the Bank achieved a profit of BD 4.7m compared to a net profit of BD 4.1m for the same period last year, an increase of 15pc.
Dr Esam Abdulla Fakhro, Chairman of the Board of Directors, explained that in the fiscal year ended on 31st December 2017, the Bank has achieved BD 42.9m as operating income, compared to BD 41.7m last year, an increase of 2.9pc, adding that the Board has decided to take net impairment provisions during the year of BD 6.2m compared to BD 9.7m last year.
Dr Fakhro stated that total operating income for the last quarter of 2017 amounted to BD 10.3m compared to BD 13.1m for the same period last year. Net write backs amounted to BD 1.3m for the last quarter of 2017 compared to net provisions of BD 3.8 m for the same period last year.
Hassan Amin Jarrar, Chief Executive Officer of the Bank, noted his continued optimism with the improvements in the financial results for 2017. He explained that the fact that 100pc of revenues came from the Bank’s core business, further reinforces BisB’s ‘Ishraq - Back to Basics’ strategy launched in 2016.
Jarrar explained that Islamic financing has increased by 11pc, in addition to an increase in customer accounts by 18pc as compared with 2016. The cost of deposits increased by 72pc from last year, noting that the Bank has a good liquidity ratio which stands at 12.2pc, and capital adequacy ratio (CAR) at 19.43pc.
Jarrar said that the Bank is still in the process of disposing of its non-yielding assets and reducing its non-performing facilities. This requires more time and effort to enhance the Bank’s asset management operations by the most prudent means.
In another context, Jarrar said that the Bank will soon open its first digital branch, which will be the first in Bahrain. Specialist employees will be available to assist customers on the use of the new branch.
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