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 Katherine Azmeh
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.