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Shamil Bank, a leading Bahrain-based Islamic commercial and investment bank and a wholly-owned subsidiary of Ithmaar Bank, announced that it had exceeded its first quarter target and reported net profits of $5.9 million for the period ended March 31, 2009.
The announcement, made by Shamil Bank chairman Sheikh Mohamed Abdulla Abdulaziz Al Angari, follows the review and approval, by the board of directors, of the bank's financial results for the first quarter of the year. "In addition to reporting $5.9 million in profits, during the first quarter of the year, Shamil Bank was also able to increase total assets by $358 million, from $2.9 billion at 31 December 2008, to $3.2 billion as at 31 March 2009," Sheikh Al Angari said.
Shamil Bank chief executive Faisal Alalwan said: "Islamic retail and corporate assets also increased by $43 million, or about four per cent, from $1.048 billion as at December 31, 2008."
Mr Alalwan, pictured left, attributed much of Shamil Bank's first quarter success to the introduction, during the second half of last year, of a new business line, international banking.
"The introduction of international banking has opened up tremendous new opportunities with particularly low risk clients and an emphasis on trade finance related activities," said Mr Alawlan.
