Flip through the latest issue of Gulf Weekly.
Bahrain-based Shamil Bank announced a record net income of $28.39 million for the first quarter of the year.
This is an increase of 151 per cent over the $11.32m reported for the same time last year. As a result, earnings per share increased to US cents 12.4 from US cents 4.9 for the same time 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 $382 million, or 23 per cent, from $1.69 billion at 31 December last year to $2.08 billion as of March 31 this year.
On the liability side, unrestricted investment accounts also increased by $178 million, or 21per cent, from $838 million at the end of last December to $1,016m as of March 31, reflecting customers’ increased confidence in Shamil Bank’s products and services, says the bank.
“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,” said chief executive Mohamed Hussain.
“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.”
