JEDDAH — Shamil Bank of Bahrain EC has reported a consolidated net profit (after tax) of $4.51 million for the six month period ended June 30, 2001, compared to $6.02 achieved for the full year of 2000.

On annualized basis, the results represented an increase of about 50 percent over last year. The increase is attributed to better performance from operating activities, which was reflected on higher operating income, lower operating costs and provisions, according to a bank press release.

Income from funds under management improved slightly over last year and accounted for 48 percent of total operating income.

The consolidated total assets grew by about 15 percent or $199.6 million to $1.52 billion from $1.32 billion in December 2000. Unrestricted investment accounts witnessed an increase of 33.7 percent to $912.4 million from $682.2 million in December last year, reflecting the growing confidence of the depositors in the bank’s strong financial standing.

“Our management is confident of achieving better results for the year. This will be achieved through expanding business channels and our branch-network in Bahrain,” the statement added.

The recent restructuring at high level is expected to further support the bank’s directives, providing its customers with improved products and services covering the areas of Islamic investment, OBU activities, and corporate, commercial and structured finance.