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Bahrain Islamic Bank posts $3.2m profit in Q1

Bank's first quarter profit is down from $15.9 million last year.

April 15, 2010 9:35 by

Bahrain Islamic Bank remained in the black with net profits in excess of $3 million in the first quarter of 2010, Gulf Daily News reported Thursday.

Khalid Abdulla Al Bassam, the bank’s chairman, said a strong commitment to transparency and regulation helped achieve the first quarter net profitability of BD 1.2 million ($3.2 million).

BisB’s balance sheet pales however in comparison to the same period last year, when the bank posted BD 6 million ($15.9 million) in net profits – five times higher than that seen this quarter.

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