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Halal Business

Bahrain Islamic Bank posts BHD 11.4 million profit for 2018

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The bank had recorded a BHD 4.5 million net profit during the last quarter of 2018, a four per cent decrease compared to BHD 4.7 million during the same period in 2017.

Monday 25, February 2019 BY KUDAKWASHE MUZORIWA

Bahrain Islamic Bank (BisB) has recorded a net profit of BHD 11.4 million for the year ended 31 December 2018, a 12 per cent increase compared to BHD 10.1 million net profit in the previous year.

Dr. Esam Abdulla Fakhro, the Chairman of the Board of Directors, said that the bank achieved a net operating income of BHD 20.3 million in 2018 compared to BHD 16.3 million in 2017, an increase of 24 per cent.

“The bank has continued its reliance on revenues and fees from its financing and core banking activities, which represent the majority of the bank’s total income, in addition to our ongoing efforts to expand the bank's customer base by providing various products and services that meet their requirements,” added Hassan Amin Jarrar, the Chief Executive Officer of the BisB.

The lender’s Islamic finance has increased by 3.4 per cent, together with a rise in current accounts of 1.2 per cent compared to 2017.

Last year, BisB launched an Innovation Lab, enabling the bank’s new products and services to be tested before they are introduced to the market.

 

TAGS : Bahrain Islamic Bank

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