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Bahrain Islamic Bank H1 profit more than doubles

DUBAI - Bahrain Islamic Bank said first-half profit more than doubled on increased lending and investments, its biggest growth ever.

Net income in the six months to June advanced to 26 million dinars ($69 million) from 10.6 million dinars in the same period a year earlier, the company said in an e-mailed statement late on Wednesday. Operating income rose to 42 million dinars from 22 million. The lender didn't give second-quarter figures.

The results were boosted by investments which produced a gain of 7.5 million dinars in the six month period, Chairman Khalid Albassam said in the statement.

Bahrain Islamic three days ago appointed Jaffar Badwan as general manager for investment and treasury as part of a plan to expand its investment portfolio. The Islamic lender last month raised its stake in the Islamic Bank of Yemen to 33 per cent from 2 per cent to generate more revenue outside its home market. The bank participated in a $100 million loan in May to the Bahrain-based Islamic lender, Ithmaar Bank BSC.

Bahrain Islamic shares gained 3.1 per cent to 536 fils in Bahrain. The stock has risen 14.8 per cent this year.