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Bahrain Islamic Bank (BIsB) board chairman Khalid Abdulla Al Bassam said the bank continues to pursue its conservative policies and complies with the directives of the regulatory authorities by setting aside more provisions for bad debts and finance transactions, especially those related to the Saad and Algosaibi Groups.
He added the bank has opted to increase the write-off provisions owing to the nature of the current economic period, while announcing unrealised losses arising from the write-off provision for the third quarter amounting to BD1.3 million, hence the bank made a net profit of BD816,000 for the period ended September 30, 2009.
Meanwhile, BIsB's chief executive officer Mohamed Ebrahim Mohamed said finance transactions witnessed a 20 per cent growth in comparison with December 2008 which was evidence of the bank's strength and available liquidity for financing various economic sectors in Bahrain.
