MANAMA: Bahrain Islamic Bank (BisB) has quickly returned back into the black with a net profit of BD1.2 million ($3.2m) in the first quarter.
Chairman Khalid Abdulla Al Bassam said that compared to BD6m in the same period the previous year.
"The quick return to profitability from last year is a manifestation of the bank's competitive ability in overcoming difficult situations due to its solid operations and strong financial position," he said.
He said the result was a culmination of the wise and prudent policies set by the board through its practice of the highest levels of transparency and regulation, good services and wise investments and the selection of the best partners as has been formulated in the new strategy approved lately by the board.
These positive financial results were achieved from the implementation of conservative policies during last period which witnessed a lot of global financial fluctuations that affected most international financial institutions, chief executive officer Mohammed Ebrahim Mohammed said.