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Another excellent financial result has been recorded by the Bahrain Islamic Bank (BisB), the flagship of Islamic banking in Bahrain, reflecting the bank's prudent management and policies.
The bank announced that a net profit of BD10 million was realised during the first quarter of 2008, an increase of 92 per cent against that of the similar period last year.
In a statement, chairman, Khalid Abdulla Al Bassam, said: "This excellent and continued performance is attributable to the well-conceived planning of the financing and investment operations, as a result of which a substantial increase in the overall income from the various activities of the bank has been made. Further, the total assets and customer accounts have significantly increased."
CEO_Mohammed Ebrahim Mohammed said: "The operational income has increased to BD18 million, a rise of 64 per cent against the BD11 million of the previous year".
He attributed the increase to the ongoing growth of Islamic financing and to the good return on the diversified investment activities.
"The increase in the overall income has contributed to maintaining the return on investment accounts at the same rate as last year, despite the decrease in international prices as a result of the US mortgage crisis," he added.
