MANAMA, 29 April 2007 — Shamil Bank, a major Islamic bank based in Bahrain, has announced a record net income of $28.39 million for the 1st quarter of 2007.
The net income reflects an increase of 151 percent over $11.32 million earned in the same period last year. As a result, earnings per share (EPR) increased to $12.4 cents from $4.9 cents for the same period last year and return on equity (ROE) increased from 3.47 percent to 8.15 percent. The increase in net income is attributed to a substantial growth in earnings from investments.
The bank’s consolidated total assets increased by $382 million, representing 23 percent, from $1.69 billion as at Dec. 31, 2006, to $ 2.08 billion as at March 31, 2007. On the liability side, unrestricted investment accounts also increased by $178 million, representing 21 percent, from $838 million at the end of December 2006 to $1.016 billion at March 3, 2007, reflecting customers’ increased confidence in the bank’s products and services.
Commenting on the bank’s strong performance during the first three month period of 2007, Mohamed Hussain, chief executive of Shamil Bank, said: “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.
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.” Hussain added: “Our strong performance is supported by equally robust performance of our associates and subsidiaries with Faysal Bank Ltd. and Meezan Bank Ltd., both of Pakistan, and Faisal Private Bank, Switzerland, adding considerable value for shareholders, investors and customers.
“The bank’s investment, private and retail banking activities offer all segments of the market a comprehensive range of products and services, such as daily banking, investments, financing for individuals and businesses, Islamic credit cards and Takaful insurance. Our private banking provides an integrated financial planning process to high net worth customers enabling them to optimize their financial and investment decisions.