Shamil Bank, a leading Islamic bank based in Bahrain has announced a record net income of U.S$ 28.39 million for the 1st Quarter of 2007.
The net income reflects an increase of 151% over US$ 11.32 million earned in the same period last year. As a result, Earnings Per Share increased to US Cents 12.4 from US Cents 4.9 for the same period last year and Return on Equity increased from 3.47 per cent to 8.15 per cent. The increase in net income is attributed to substantial growth in earnings from investments.
The Bank's consolidated total assets increased by US$ 382 million representing 23 per cent, from US$ 1.69 billion as at 31 December 2006 to US$ 2.08 billion as at 31 March 2007. On the liability side, unrestricted investment accounts also increased by US$ 178 million representing 21 per cent, from US$ 838 million at the end of December 2006 to US$ 1,016 million at 31 March 2007, reflecting customers’ increased confidence in Shamil Bank’s products and services.
Commenting on the Bank’s strong performance during the first three month period of 2007, Mr. Mohamed Hussain, Chief Executive of Shamil Bank, said “The Bank has once again started the year on a good note showing a significant increase in profits which heralds further successes in the coming months. The year-on-year improving financial performance has put the Bank in the league of frontline financial institutions in the region. With the grace of Allah we have also been able to establish a strong pipeline of quality businesses which makes the Bank’s future outlook very promising.”
Mr. Hussain further said: “Our strong performance is supported by equally robust performance of our associates and subsidiaries: Faysal Bank Limited, Pakistan, Meezan Bank Limited, Pakistan and Faisal Private Bank, Switzerland, adding considerable value for shareholders, investors and customers.
“The Bank's Investment, Private and Retail Banking activities offer all segments of the market a comprehensive range of products and services, such as daily banking, investments, financing for individuals and businesses, Islamic credit cards and Takaful insurance. Our private banking provides an integrated financial planning process to high net worth customers enabling them to optimize their financial and investment decisions. As a result, we are witnessing a strong customer growth which is reflective of the top-quality financial products and advisory services we provide. The fast growing retail banking franchise is now helping Shamil Bank take its services to a larger number of customers in Bahrain’s rapidly growing economy while the Investment and Private Banking divisions are busy furthering the asset management and private wealth management activities. Looking into the future, Mr. Hussain said “Our strategy for the rest of the year is to continue enhancing our retail franchise and further expand our delivery channels.”
“Shamil Bank will always discharge its economic and social responsibilities diligently. “Our roots run deep into the Bahraini society, its heritage and culture. We are also proud of our staff who contributed so remarkably in the achievement of such good results” added Mr. Hussain.
Shamil Bank of Bahrain B.S.C. (Shamil Bank) is a leading Islamic commercial and investment bank incorporated in the Kingdom of Bahrain. The Bank has grown steadily since 1982 to become a leading Islamic financial institution with a shareholding equity of US$ 353 million as at 31 December 2006.
The Bank provides a diverse range of products and services that cater to the financing and investment needs of individuals and institutions. It conducts its business in compliance with the principles of the Islamic Sharia.
Shamil Bank is a subsidiary of Ithmaar Bank B.S.C., a full service investment bank with a paid-up capital of US$360 million. Ithmaar Bank has a 60% shareholding in Shamil Bank.
© 2007 Al Bawaba (www.albawaba.com)
