Flip through the latest issue of Gulf Weekly.
Shamil Bank, a Bahrain-based Islamic bank and a wholly-owned subsidiary of Ithmaar Bank, announced a record net profit of $80.6 million for the year ended December 31, 2007, a 31 per cent surge from the $61.6 million earned the previous year.
The total income, meanwhile, leaped 29 per cent, from $96.7 million to $124.2 million, while total assets increased to $2 billion at the end of 2007, compared to $1.7 billion at the end of last year. The bank reported an impressive return on average equity of 20.9 per cent, compared to 17.8 per cent last year.
Return on average total assets improved substantially to 4.3 per cent at end 2007, from 3.8 per cent last year.
The bank continues to maintain a strong risk asset ratio at 22.4 per cent. A dividend distribution of $30 million (13 per cent) was approved at the bank's annual general meeting, which was held at its premises in the Seef District.
"The year 2007 was an exceptional one for Shamil Bank on all fronts; our record financial results are complemented by important strategic business achievements and organisational developments, including the consolidation of our ties with our parent company, Ithmaar Bank," said Mohammed Abdulla Al Anqari, chairman, Shamil Bank.
Shamil Bank chief executive Mohammed Hussain said: "Islamic banking is undergoing a period of rapid growth, with many, even in the conventional banking industry, now seeing it as a new frontier for innovation."
