Faysal Islamic Bank of Bahrain (FIBB) has reported a 25 per cent increase in unaudited net profit for the year to September to $10.2 million, compared to $8.1 million in the same period last year.

Total assets at the Manama-based offshore Islamic bank nearly halved to $307 million, due to a fall in placements by other banks. The total value of funds under management remained little changed at $1,187 million. The bank raised provisions to $3.7 million during the year to September, compared to less than $50,000 in the same period last year.

FIBB has banking interests in Pakistan and is also expanding its business in Southeast Asia. It is also planning to launch an Islamic equity fund by the end of this year (MEED 25:10:96).