BisB records net Profit of BD3m

Manama

BisB yesterday recorded a 23 per cent increase in net profit for the period ended on March 31, 2015 helped by lower expenses and provisions.

The bank’s net income for the period was BD3 million, up compared to BD2.5m recorded in the same period a year ago.  

Commenting on the results, Chairman of the Bank, Abdul Razak Al Qassim said in the period ended on March 31, 2015 the bank registered BD9.7m as gross income compared to BD10.6m for same period last year while reducing total expenses to BD4.8m, which is 10 per cent less than BD5.4m in the same period last year.

Al Qassim also said the board has decided to set aside provisions amounting to BD1.8m during the period as compared to BD 2.7m for the same period last year.

The Chairman also said that the bank has kept a strong balance sheet during 2015, and good liquidity ratios reaching 16.6pc along with the continuous exits from the real estate investments portfolio during the first quarter,

Mohammed Ahmed Janahi the Acting CEO said Islamic Finances witnessed an increase of 3pc and Tejoori and other saving accounts have increased by 5pc as compared to 31 December 2014. Moreover, current accounts increased by 9pc and placements from financial institutions increased by 8pc as compared to 31 December 2014.