MANAMA: Bahrain Islamic Bank (BisB) posted a net profit of BD1.5 million ($4m) in the first quarter of 2011. "The board has approved the consolidated financial results for the first quarter of 2011 in which BD1.5m has been achieved as net profit for the period, an increase of 25 per cent compared to the same period of last year when BD1.2m net profit was achieved," chairman Khalid Abdulla Al Bassam said.
"The bank will continue building provisions for its finance and investment portfolios whenever the need arises and as such BD1m has been set aside for the current period," he added.
"It is taking steps to implement Central Bank of Bahrain directives concerning small and medium enterprises affected by the current economic situation on an individual basis and with complete conviction of the bank's management to look for reasonable solutions that will help contribute to the steady revival of the national economy," Mr Al Bassam said.
The quick turnaround by the bank to profitability was hailed by chief executive Mohammed Ebrahim Mohammed.
"This confirms the right approach and policies adopted by the bank which concentrates on finances with recurrent operational profits, curbing expenses and developing different and additional banking services," he said.
"This has been reflected on the shareholders agreeing to participate in the 75pc capital increase of the bank which is set to be completed before the end of June," he added.