BAHRAIN, 9 November 2003 — Shamil Bank of Bahrain E.C. has reported a consolidated net profit of $18.6 million for the nine-month period of the financial year 2003. The profit represents an increase of 76 percent compared to $10.6 million achieved for the same period last year. The increase in profits is mainly attributable to the increase in total operating income of the bank by 48 percent, mainly due to the growth of the investment and Islamic financing activities and outstanding results achieved by the bank’s associated companies in Pakistan. The consolidated results included the results of Faysal Finance Switzerland (E.C.) in which the bank acquired 51 percent ownership toward the end of last year, according to a bank statement.
The consolidated total assets have also increased to $1.15 million as at Sept. 30. Shareholders’ equity stood at $275 million, recording an 8 percent increase over year ended December 2002, net of $11.4 million dividends distributed to shareholders and $13.6 million surplus booked on revaluation of some investment in accordance to the new Islamic accounting standard (FAS 17) that was adopted at the beginning of the current year.