Faysal Islamic Bank of Bahrain (FIBB), a regional Islamic commercial bank, has reported a 17 per cent rise in net profits to $7.6 million in the first half of 1996 compared with the same period the previous year.
Total assets fell to $310.7 million from $461.4 million. 'The reduction in total assets is attributable to a significant decrease in liabilities due to banks plus placements with funds under management,' an official statement says.
FIBB is increasing its capital over a two-year period by capitalising reserves and issuing bonus shares - shareholders' equity stood at $108 million compared to $100.8 million at the start of 1995. The bank is part of the Genevabased Dar al-Maal al-Islami Group.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.