MANAMA, 8 June 2008 — Shamil Bank, a leading Bahrain-based Islamic bank and a wholly owned subsidiary of Ithmaar Bank, posted strong financial gains with net profit for the period ended March 31, 2008 rising to $24.4 million.
This compared with the $28.4 million reported in the previous year, when the bank’s results benefited from a large one-off investment banking transaction that contributed to the figure. Total assets now stand at $2.39 billion, while earnings per share were $2.07 cents.
“Buoyed by the launch of several new Shariah-compliant retail and investment vehicles, Shamil Bank expects a robust 2008. Both our commercial and investment banking businesses are experiencing rapid growth in business, and we expect this to continue for some time,” said Shamil Bank Chairman Mohamed Abdulla Al-Anqari.
“Shamil Bank is further strengthening its relationship with its sister companies in the Ithmaar banking group,” he added.