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Bahrain Islamic Bank (BisB) returns to profitability with net profit of BHD 6.1 million

February 3, 2014

Bahrain Islamic Bank announced BHD 6.1 million as net profit for the financial year ended 31 December 2013 compared to a net loss of BHD 36.1 million the previous year. BisB also reported Q4 net profit of BHD 2.3 million as compared to a net loss of BHD 15.3 million for the same period 2012. Abdul Razak Abdulla Hassan Al Qassim , the bank's chairman said the Board of directors has hired Boston Consulting Group (BCG) to formulate and implement a new five-year strategy plan for the Bank. Mohammed Ebrahim Mohammed , CEO, said income and fees from core finances and activities constitute more than 90 per cent of total operating income. BisB maintained liquidity ratio at 26 per cent, current accounts registered a growth of 22 per cent and customer deposit growth was eight per cent as compared to last year, in addition the cost of funding fell by 21 per cent compared to 2012.

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Source: CPI Financial

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