Net profits at the Bahrain-based Faysal Islamic Bank grew by 46 per cent in 1994 to $16.1 million. The result represents a 23 per cent return on capital and an 18 per cent return on average equity. Shareholders at the bank’s annual general assembly in Bahrain on 18 March approved an 11 per cent dividend in light of the results.
Total assets at the bank rose by 53 per cent to $416.7 million in 1994. Shareholders’ funds grew 9.5 per cent to $92.9 million. The bank provided Islamic financing worth $41.5 million in 1994, an increase of 125 per cent on 1993.
During the year the bank acquired a 40 per cent interest in the Bahrain- based Faysal Investment Bank. It also established two new specialist subsidiaries: Faysal Securities & Financial Services and Advanced Technologies & Services. In November 1994, it incorporated a new subsidiary Faysal Bank Pakistan with a paid up capital of $35 million (MEED 16:12:95).