Shamil Bank records $28.39m net income

MANAMA — Shamil Bank has announced a net income of $28.39 million for the first quarter of 2007.

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Published: Sun 29 Apr 2007, 9:03 AM

Last updated: Sat 4 Apr 2015, 9:19 PM

The net income reflects an increase of 151 per cent over $11.32 million earned in the same period last year. As a result, earnings per share increased to 12.4 cents from 4.9 cents for the same period last year and return on equity increased from 3.47 per cent to 8.15 per cent. The increase in net income is attributed to substantial growth in earnings from investments.

The bank's consolidated total assets increased by $382 million representing a 23 per cent increase, from $1.69 billion as at December 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 per cent, from $838 million at the end of December 2006 to $1,016 million at March 31, 2007.

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."

Hussain added, "Our strategy for the rest of the year is to continue enhancing our retail franchise and further expand our delivery channels."

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