MANAMA, 29 April 2006 — Shamil Bank. a subsidiary of the Dar Al-Maal Al-Islami Trust, has announced a net profit of $11.3 million for the first quarter ending March 31, 2006, reflecting an increase of 10 percent over $10.2 million earned in the same period last year. The earnings per share for the 1st quarter of 2006 increased to $0.049 from $0.045 for the same period last year.
The bank’s consolidated total assets increased by $0.4 billion to $1.9 billion during the 1st quarter of this year from $1.5 billion as at Dec. 31, 2005.
Shamil Bank Chief Executive Mohamed Hussain commenting on the 1st quarter result said: “The bank is doing fairly well in retail and investment banking areas showing steady growth. Profits have been continuously growing over the past five years. This trend is now gathering momentum with the new business measures taken by the management such as bolstering of activities in the retail and investment banking areas as well as diversifying into financial and IPO advisory services. The bank is also in the process of studying a number of investment opportunities which will be offered to investors soon.”
