Shamil Bank posts record nine-month profit of $63.9m

This shows an increase of 27 per cent as compared with a net profit of $50.2m for the same period last year. Total income also rose by 23 per cent from $76.7m to $94.7m. Consolidated total assets rose by $160m from $1.69bn as at 31 December, 2006 to $1.85bn at the end of September this year.

Chairman of the Board of Directors Mohamed Abdulla Al Anqari expressed great satisfaction with the financial results.

'The Bank has experienced remarkable growth over the last few years, which has been to the benefit of shareholders, investors, customers and other stakeholders,' he said.

Chief Executive and Member of the Board Mohammed Hussain said that the third quarter saw a continued expansion of Shamil Bank operations, particularly on the retail side.

'At the same time we have also managed to strengthen all our other business lines, namely Investment Banking, Corporate Banking, Small and Medium Enterprises Financing and Private Banking services for high net worth customers,' he continued.

'Our associates and subsidiaries, including Faysal Bank Limited, Pakistan and Faisal Private Bank, Switzerland, also continued to do well in the last quarter, contributing significantly to the consolidated earnings,' added Hussain.

Shamil Bank's consolidated total assets rose to $1.9bn compared to $1.7bn at the end of December, 2006. Murabaha financing increased by $116m to $793m, as the Bahraini market continued to expand.

Earnings per share rose from five US cents to seven, while average return on equity increased to 22.6 per cent, compared to 19.7 per cent for the same period in 2006.

'Our Bahrain network was significantly larger at the end of the last quarter, with the opening of two new branches in Umm Al Hassam, and Arad, as well as two more off-site ATM machines in Hamala and Galali. We now have a total of nine full branches and 18 ATMs, spread across all the major population centres of the Kingdom,' said Hussain.

'Shamil Bank will continue to pursue its strategic goals, with the aim of maintaining its pioneering position within the Kingdom. We will be offering pioneering retail and corporate Islamic banking products through our growing branch and ATM network. Our Investment Banking division will also be bringing to the market new offerings that cater to different market segments,' said Hussain.