The bank posted a net profit of
The total income for the period was
Total assets at the end of last year stood at
The bank's net interest income for last year increased by 10.7pc to
"Following our full-year return to profitability in 2012, the first time in the last five years, we moved into 2013 equipped with an excellent capital adequacy ratio, strong liquidity and a stable and consistently growing business," chief executive
"We continued our emphasis on product innovation, stronger levels of customer service and transparency whilst focusing on significantly increasing our brand equity and market share within
"I am very pleased to report a net profit of
"Our profit, in 2013 represents an increase of 577pc over 2012 and reflects a healthy growth in our core business as indicated by the improvement in our loan to customer deposit ratio which now stands at a healthy 71pc," he said.
"During 2013, we successfully controlled our operating expenses, reduced our cost of funds, as well as improved our yield through appropriate product pricing and better control on asset quality," he said.
"We take immense pride in the fact that our bank recently won the prestigious 2013 Bahrain eContent Award for our group website and eBanking portal.
"Going forward, our focus on growing our business along with customer numbers will continue, backed by our excellent capital position and strong liquidity," he said.
"We will continue to provide our customers with a range of financial solutions through quality products and services that deliver a profitable, sustainable and consistently growing performance creating genuine value for all our stakeholders. "We will also work on executing the details of our recently signed share purchase agreement with Al Salam Bank Bahrain as we finalise all aspects of our business combination," he said.
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